NJ unemployment rate down in July, COVID job losses 99% recovered
Preliminary numbers show that after no change in June, the unemployment rate in New Jersey ticked down two-tenths of a percentage point to 3.7% in July, according to information released by the state Department of Labor and Workforce Development on Thursday.
While that figure is, in turn, two-tenths of a point above the current national rate of 3.5% as reported by the U.S. Bureau of Labor Statistics, the 722,500 nonfarm jobs recovered in the Garden State since April 2020 represent about 99% of the combined public and private sector jobs lost due to the COVID-19 pandemic, NJDOL said.
Estimates provided to the state by BLS indicate nonfarm employment increased by 6,300 jobs in July, while private sector employment went up by almost double that number, 12,100.
NJDOL said New Jersey employers have added 101,500 jobs so far in 2022, averaging out to a gain of 14,500 per month over the year's first seven months.
Seven out of the state's nine major private industry sectors saw gains in July, at least preliminarily according to NJDOL, with professional and business services leading the way with 4,900 new jobs.
Leisure and hospitality (minus 2,400) was the only sector to register a loss, while the state said the information sector was unchanged.
Public sector employment declined month-over-month, dragged down by a loss of 7,200 jobs at the local level, according to the statistics provided.
Finally, nonfarm employment in June was revised down to a gain of 9,000 jobs, whereas the preliminary estimate had been 9,800.