November 15, 2012
NJ Unemployment
Rate Dips to 9.7 Percent
New Jersey’s unemployment rate moved
lower for a second consecutive month in October, decreasing
by 0.1 percentage point to 9.7 percent from September’s rate
of 9.8 percent. The state’s long-term employment picture
remains positive with New Jersey’s private sector employers
having added 25,600 jobs over the past year (October 2011 –
October 2012). Since February 2010, the low point of private
sector employment during the recession, private sector
employment has increased by 73,600 jobs.
Preliminary
estimates indicate that total
nonfarm wage and salary employment
in New Jersey contracted in October,
down by 11,700 jobs, to a seasonally
adjusted 3,892,200, 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 (-9,400) and public (-2,300)
sectors of the state’s economy.
“The large
increase in household employment and
the labor force reverses some of the
recent drops in resident employment
and labor force participation. While
there were divergent moves across
industries in their job counts, we
remain above the national numbers in
our labor force participation rate
and the fraction of our population
that is employed,” said Charles
Steindel, Chief Economist for the
New Jersey Department of Treasury.
Based on more
complete reporting from employers,
previously released September
estimates were revised lower, down
by 1,500 jobs, to show an
over-the-month (August – September)
total nonfarm employment loss of
2,700 jobs. Preliminary estimates
indicated an over-the-month loss of
1,200 jobs.
In October,
private sector job gains were posted
in three of ten industry sectors;
six recorded a loss while one was
unchanged. Industries that
registered larger gains included
construction (+4,500), professional
and business services (+1,200), and
other services (+1,100). Larger
losses occurred in leisure and
hospitality (-9,700), trade,
transportation and utilities
(-2,700), and education and health
services (-2,100). Sectors with
smaller decreases included financial
activities (-700), information
(-600) and manufacturing (-400).
In October, public
sector employment was lower by 2,300
due entirely to contracting payrolls
at the state (-1,800) and local
(-700) government levels.
Over the month,
the unadjusted workweek for
production workers remained
unchanged at 41.3 hours, average
hourly earnings were lower by $0.31
to $18.94 and weekly earnings fell
by $12.81 to $782.22. Compared to
October of last year, the unadjusted
workweek decreased by 0.1 hour,
average hourly earnings increased by
$0.12, and weekly earnings were
higher by $3.07.
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