The unemployment rate in New Jersey set a record low in July at 3.3%, according to data from the U.S. Bureau of Labor Statistics.
July’s rate is 0.2 percentage points lower than June’s figure of 3.5%, is the lowest monthly rate statewide since records began in 1976 and is 0.4 percentage points below the national average of 3.7%, BLS said.
The BLS data showed employment levels in the state remained essentially unchanged over the month, as total nonfarm wage and salary employment decreased by 500 in July to a seasonally adjusted level of 4.2 million.
Year over year, BLS found employment was higher by 48,300 jobs in New Jersey, with gains seen in both the private (+47,600) and public (+700) sectors. Since February 2010, the low point of the last recession, the private sector has added 408,700 jobs.
In July, employment decreases were seen in five out of the nine major private industry sectors, including:
- Leisure and hospitality (-2,200);
- Education and health service (-1,300);
- Other services (-700);
- Information (-400);
- Financial activities (-200).
Industries that added jobs include:
- Trade, transportation and utilities (1,600);
- Professional and business services (1,300);
- Manufacturing (1,200);
- Construction (500).