On Thursday, the U.S. Bureau of Labor Statistics‘ preliminary estimates for October showed a stable labor market in New Jersey. The private sector grew in the past 30 months, while the public sector remained stable, albeit losing jobs in October.
Total nonfarm wage and salary employment in New Jersey decreased by 1,300 in October, reaching a seasonally adjusted level of 4,247,400.
The unemployment rate rose by 0.2 of a percentage point, to 3.5%, in October due to people reentering the labor force seeking employment; private-sector employment rose by 6,700 jobs.
In October, eight out of nine major private industry sectors recorded job growth. Sectors that recorded employment increases were:
- Trade, transportation and utilities (+2,400);
- Professional and business services (+1,900);
- Education and health services (+1,700);
- Leisure and hospitality (+1,100);
- Other services (+600);
- Construction (+400);
- Manufacturing (+200); and
- Information (+200).
Financial activities (-1,800) was the only subsector to record a loss.