Preliminary estimates produced by the U.S. Bureau of Labor Statistics show that total nonfarm wage and salary employment in New Jersey continued to grow through September, but at a slower pace.
Today’s New Jersey job report shows that nonfarm employment increased by 3,800 in September, reaching a seasonally adjusted level of 4,239,600. So far in 2022, New Jersey employers have added nearly 123,000 jobs, and nearly 195,000 over the past 12 months. Specifically, in September, public sector employment grew by 8,200 jobs, while private sector employment declined by 4,400.
The unemployment rate fell by 0.7 percentage points to 3.3 percent in September as many previously unemployed residents found new employment while others left the labor force.
Revisions to previously released August nonfarm employment estimates show an increase of 10,000 jobs compared with July; preliminary estimates had shown an increase of 15,400. August’s unemployment rate was unchanged at 4.0 percent.
In September, four out of nine major private industry sectors recorded job growth. Sectors that recorded employment increases were other services (+1,600), leisure and hospitality (+500), information (+300), and manufacturing (+100). Construction (-2,700), professional and business services (-2,700), and trade, transportation, and utilities (-1,500) recorded losses, while educational and health services as well as financial activities recorded no change. Month-over-month, the state’s public sector increased by 8,200 jobs due to gains recorded at the local level (+7,400).
Preliminary BLS data for October will be released on November 17, 2022.
Technical Notes: Estimates of industry employment and unemployment levels are arrived at through the use of two different monthly surveys.
Industry employment data are derived through the Current Employment Statistics (CES) survey, a monthly survey of approximately 4,000 business establishments conducted by the U.S. Bureau of Labor Statistics (BLS) of the U.S. Department of Labor, which provides estimates of employment, hours, and earnings data broken down by industry for the nation as a whole, all states and most major metropolitan areas (often referred to as the “establishment” survey).
Resident employment and unemployment data are mainly derived from the New Jersey portion of the national Current Population Survey (CPS), a household survey conducted each month by the U.S. Census Bureau under contract with BLS, which provides input to the Local Area Unemployment Statistics (LAUS) program (often referred to as the “household” survey).
Both industry and household estimates are revised each month based on additional information from updated survey reports compiled by the BLS. In addition, these estimates are benchmarked (revised) annually based on actual counts from New Jersey’s Unemployment Compensation Law administrative records and more complete data from all New Jersey employers.
Effective with the release of January 2018 estimates, the Current Employment Statistics (CES) program has converted to concurrent seasonal adjustment, which uses all available estimates, including those for the current month, in developing seasonal factors. Previously, the CES program developed seasonal factors once a year during the annual benchmark process. For more information on concurrent seasonal adjustment in the CES State and Area program, see https://www.bls.gov/sae/seasonal-adjustment/.
Article is Courtesy of the NJDOL