Unemployment rate edges lower to 5.0 percent

TRENTON — Preliminary monthly estimates released by the United States Bureau of Labor Statistics indicate that New Jersey total nonfarm employment decreased by 11,400 jobs in December to a seasonally adjusted total of 4,126,600, as the state’s unemployment rate edged down by 0.1 percentage point to 5.0 percent.
A preliminary over-the-year analysis shows that from December 2016 – December 2017, employment in New Jersey was higher by 22,900 jobs, with all the gains recorded by private sector employers (+26,700). Public sector employment was lower by 3,800 jobs over the year. Moreover, 2017 marks the eighth consecutive year that New Jersey has recorded private sector job growth. Since February 2010 (the recessionary low point for private sector employment), New Jersey’s private sector employers have added 325,200 jobs.
Based on more complete reporting from employers, previously released total nonfarm employment estimates for November were revised higher by 1,300 jobs to show an over-the-month (October – November) gain of 7,700 jobs.
In December, employment decreases were recorded in six of nine major private industry sectors. Industries that registered employment losses included trade, transportation and utilities (-6,100), construction (-4,300), education and health services (-2,100), financial activities (-1,800), information (-1,100), and other services (-500). Employment increased in the leisure and hospitality (+2,800), manufacturing (+1,900), and professional and business services (+1,300) industry sectors. Over the month, public sector employment was lower by 1,400 jobs.
Benchmarked data from the U.S. Bureau of Labor Statistics, which will present a more complete picture of the New Jersey economy for the entire calendar year of 2017, will be released on March 12, 2018.