GSI analysis: Key N.J. industries suffer another month of job losses

Garden State Initiative has released an analysis of New Jersey’s newest job numbers, and said key industries in the New Jersey experienced another month of job losses.

The job figures, released by the Bureau of Labor Statistics on Thursday, said New Jersey’s economy lost 9,300 private sector jobs in February, but gained 1,600 public sector ones. Losses were found in all private sector fields, GSI said, except manufacturing (+200) and professional and business services (+1,000). Losses were also found in eight out of 10 industries reported by BLS.

GSI said although the labor force increased, it is still smaller than the average labor force size in 2006.

“Today’s report confirms the swelling weakness in our state’s economy,” Regina M. Egea, president of the Garden State Initiative, said. “The weakness is especially glaring in our state’s vital information and financial activities sectors, which are now reporting nearly 10,000 lost jobs year over year.”

Some other highlights from this month’s report include:

  • The state’s unemployment rate stayed at 4 percent;
  • Job losses were recorded in these sectors: construction (-300); trade, transportation and utilities (-4,200); information (-500); financial activities (-1,800); education and health services (-1,300); leisure and hospitality (-1,500); and other services (-1,000).
  • New Jersey’s labor force participation rate rose by .1 percentage point in January to 62.6 percent.