Largest monthly jobs gain in 7 years for N.J.
ABJ - June 28 - New Jersey employers added 17,600 jobs to their payrolls in May, the largest monthly gain in more than seven years. Private sector employers in the Garden State have added 84,600 jobs since February 2010, which was the low point of private sector employment during the recession.
New Jersey’s economy has now added jobs in eight out of the last nine months, and the longer-term employment trend continues to be on the upswing. Over the year, total non-farm employment in New Jersey has increased by 59,800 jobs.
“We’re seeing sustained economic growth with continued job creation at a rate we haven’t experienced in the last decade,” said Charles Steindel, Chief Economist for the New Jersey Department of Treasury.
The state’s May unemployment rate edged slightly higher to 9.2 per cent, up from April’s 9.1 per cent.
“While our unemployment rate has ticked up slightly it is because growth in the labor force has outstripped population growth. We’re seeing continued confidence in our job market as our labor force participation rate keeps increasing, even outpacing the national rate.”
Preliminary estimates indicate that total non-farm wage and salary employment in New Jersey advanced considerably in May, up by 17,600 jobs, to a seasonally adjusted 3,907,500, as measured by the U.S. Bureau of Labor Statistics through its monthly employer survey. Gains were registered in both the private (12,900) and public (4,700) sectors of New Jersey’s economy.