New Jersey's employment landscape sees an uptick with 13,800 new jobs, maintaining a steady unemployment rate at 4.8 percent.
In a promising development for New Jersey's economy, total nonfarm employment increased by 13,800 jobs in March, reaching a seasonally adjusted total of 4,386,600, according to the U.S. Bureau of Labor Statistics' preliminary estimates. The state's unemployment rate remained stable at 4.8 percent.
Revisions to February's data revealed a smaller monthly loss than previously reported, adjusting the January-to-February figures to a loss of 3,200 jobs rather than 5,300, while maintaining February's unemployment rate at 4.8 percent.
March's job growth was broad, spanning several key sectors. Notable gains were observed in private education and health services, which added 5,900 jobs. Other sectors showing increases included leisure and hospitality (+1,800), professional and business services (+1,200), construction (+1,000), other services (+800), trade, transportation, and utilities (+600), and manufacturing (+100). In contrast, the information sector experienced a decrease of 200 jobs, and financial activities dropped by 100. Government employment notably increased by 2,600 jobs, primarily at the local level.
Reflecting on the year-over-year data, New Jersey has added 84,200 nonfarm jobs since March 2023. About 89 percent of these were in the private sector, with significant increases noted across most industries. The largest growth occurred in private education and health services, which saw an increase of 43,500 jobs. Other significant gains included leisure and hospitality (+14,100) and other services (+6,400). The information sector was the only area to report a year-over-year loss, shedding 1,100 jobs. The public sector showed robust growth, adding 9,400 jobs over the past 12 months.
Looking ahead, the Bureau of Labor Statistics will release preliminary data for April on May 16, which will provide further insights into New Jersey's economic trajectory.