As part of our commitment to independent research, on a monthly basis we take a deep-dive on the monthly jobs report which was issued today by the New Jersey Department of Labor and Workforce Development.
This month’s jobs report was a mixed bag for the state’s economy. The strong increase in the size of the state’s workforce was a positive development, however a decline in the workforce participation rate and stagnant job growth while the U.S. continues to grow, shows an economy that lacks vibrancy. Of particular note, was the significant job losses in the Professional and Business Sector. That will bear monitoring in the months ahead.
Some key findings from this month's report, which covers September's data, are:
- State net loss of 200 jobs, private sector gained 900 jobs, public sector sheds 1,100
- Unemployment Rate decreases .01% to 3.2%
- Labor Force Participation Rate declines by .03% to 63.4, just ahead of US rate of 63.2%
- Workforce grows by 19,000 but remains smaller than average labor force in 2008
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