New Jersey’s labor market weakened again in August, with the state losing an estimated 1,700 jobs, according to preliminary figures released by the New Jersey Department of Labor and Workforce Development.
The decline marks the second consecutive month of job losses. July’s estimate was revised to a loss of 21,900 jobs, an improvement from the earlier estimate of 25,600 lost jobs, but still a significant monthly drop.
At the same time, New Jersey’s unemployment rate moved slightly lower, falling from 4.4% in July to 4.3% in August. That may appear contradictory, but payroll employment and the unemployment rate come from different surveys and measure different parts of the labor market.
The private sector added a modest 200 jobs in August, while public-sector employment fell by 1,900. Four of nine private industries recorded gains. Leisure and hospitality added the most jobs, with 3,400, followed by construction with 1,000, trade, transportation and utilities with 600, and other services with 500.
The largest monthly losses were recorded in professional and business services, which lost 3,500 jobs, while private education and health services lost 1,400.
The year-over-year picture is also weaker. New Jersey had 9,900 fewer nonfarm jobs in August than one year earlier. Private-sector employment was down by 13,100 jobs, while the public sector was up by 3,200.
One major exception was private education and health services, which remained 22,900 jobs above last year’s level. By contrast, professional and business services were down 7,700 jobs, trade, transportation and utilities were down 7,200, and leisure and hospitality were down 6,100 from a year earlier.
The August figures are still preliminary and can be revised as more complete data become available. The next statewide employment report, covering September, is scheduled for release on October 15.
For now, the numbers point to a labor market that is still uneven: some industries are hiring, but overall employment has declined for two months in a row.
Sources: New Jersey Department of Labor and Workforce Development; News 12 New Jersey.
By NJ RADAR Team