New Jersey’s unemployment rate has dropped to a record low of 3.2%.
According to new estimates by the U.S. Bureau of Labor Statistics, the state’s unemployment rate has projected downward for the fifth consecutive month, has hit the lowest monthly rate since state-level records began in 1976 and has remained below the national unemployment rate of 3.7%.
The state added 1,100 new nonfarm jobs in August, reaching a seasonally adjusted level of 4.2 million.
Total nonfarm wage and salary employment in the state increased by 1,100 to reach a seasonally adjusted level of 4,200,400.
When comparing year-over-year (August 2018, August 2019), employment in the state was higher by 46,700 jobs this year in both the private (+44,000) and public (+2,700) sectors. Since February 2010 (the lowest point of the last recession), the private sector added 404,400 jobs.
August employment gains were also seen in four of the nine major private industries, including:
- Education and health services (+2,300);
- Other services (+1,500):
- Financial activities (+900);
- Professional and business services (+300).
Industries that lost jobs include:
- Leisure and hospitality (-3,700);
- Information (-1,000);
- Manufacturing (-600);
- Trade, transportation and utilities (-500);
- Construction (-400).
The public sector also saw job growth of 2,300, mainly at the local level (+1,500).