December 27, 2012
New Jersey
Unemployment Rate Drops for the Third Straight Month
New Jersey’s
unemployment rate edged down by 0.1
percentage point in November to a
seasonally adjusted 9.6 percent. The
November drop represents the third
consecutive monthly decline for the
Garden State’s rate.
Preliminary
estimates calculated after Hurricane
Sandy devastated New Jersey indicate
that total nonfarm wage and salary
employment in New Jersey contracted
in November, down by 8,100 jobs, to
a seasonally adjusted 3,894,800, as
measured by the United States Bureau
of Labor Statistics (BLS) through
its monthly employer survey. Lower
employment levels were recorded in
both the private (-3,700) and public
(-4,400) sectors of the state’s
economy.
“This is a
remarkably good showing under the
circumstances created by Sandy. It
seems clear that the storm generated
some job losses, particularly in
leisure and hospitality, but the
total loss for the state was fairly
modest, and the unemployment rate
continues to drift down. Moreover,
the sharp upward revision in the
October number shows us that once
again that first reports of large
losses can be exaggerated,” said
Charles Steindel, Chief Economist
for the New Jersey Department of
Treasury.
Based on more
complete reporting from employers,
previously released October
estimates were revised higher, up by
10,700 jobs, to show an
over-the-month (September – October)
total nonfarm employment loss of
1,000 jobs. Preliminary estimates
had initially indicated an
over-the-month loss of 11,700 jobs.
The long-term
employment trend remains positive.
New Jersey’s private sector
employers have added 20,200 jobs
over the past year (November 2011 –
November 2012). Since February 2010,
the low point of private sector
employment during the recession,
private sector employment has
increased by 74,800 jobs.
In November,
private sector job gains were posted
in four of ten industry sectors;
five recorded a loss while one was
unchanged. Industries that
registered larger gains included
professional and business services
(+8,300), and trade, transportation
and utilities (+3,300). Smaller
gains were posted in information
(+300) and manufacturing (+200).
Losses occurred in
leisure and hospitality (-6,900),
education and health services
(-5,400), and other services
(-3,000). Sectors with lesser
decreases included construction
(-400) and mining and logging
(-100). In November, public sector
employment was lower by 4,400 due
mostly to contracting payrolls at
the local (-3,800) government
levels.
Over the month,
the unadjusted workweek for
production workers increased by 1.1
hours to 42.8 hours, average hourly
earnings were lower by $0.25 to
$18.75 and weekly earnings rose by
$10.20 to $802.50. Compared to
November of last year, the
unadjusted workweek increased by 1.6
hours, average hourly earnings
decreased by $0.20, and weekly
earnings were higher by $21.76.
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