More New Jersey residents going back to work

👩‍🏭 The NJ labor shortage could soon start fading
👩‍🏭 New data shows more NJ residents are seeking employment
👩‍🏭 Unemployment in NJ stays low

We keep hearing about how the New Jersey labor shortage is continuing but new data suggests things could be changing.

According to just-released estimates from the U.S. Bureau of Labor Statistics, New Jersey’s labor participation rate approached 65% last month, a rate not seen in nearly 10 years.

In March the state’s labor force participation rate rose 0.3% to 64.8%, meaning more Garden State residents found employment or entered the state labor force.

Unemployment stays low

The New Jersey Department of Labor and Workforce Development reports the unemployment rates in March remained unchanged at 3.5%, the same as the national rate.

According to the DOL, 4 out of 9 major private industry sectors experienced job growth. Sectors that recorded employment increases were:

• Leisure and hospitality (+2,100)

• Trade, transportation, and utilities (+400)

• Information (+400)

• Education and health services (+100)

Some sectors were down

However, total nonfarm employment declined by 2,600 in March to a seasonally adjusted level of 4,311,100.

Sectors that recorded an over-the-month loss were professional and business services (-3,500), other services (-1,200), manufacturing (-500), financial activities (-300), and construction (-100). Month-over-month, the state’s public sector was unchanged.

The State Labor Department reports preliminary year-over-year estimates, from March of 2022 to March of 2023, show growth was mostly broad-based, with 8 out of 9 major private industry sectors recording job gains.

Those included:

• Education and health services (+45,600)

• Leisure and hospitality (+23,200)

• Trade, transportation, and utilities (+6,500)

• Manufacturing (+4,900)

• Other services (+3,000)

• Information (+2,600)

• Construction (+2,300)

• Financial activities (+900)

The only private sector industry to record a loss from March 2022 and March 2023 was professional and business services (-6,200). Year-over-year, the state’s public sector added 2,600 jobs.

February employment estimates were revised downward to show a loss of 3,100 jobs; preliminary estimates had initially indicated a gain of 4,600 jobs.

David Matthau is a reporter for New Jersey 101.5. You can reach him at david.matthau@townsquaremedia.com

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