New Jersey Private Sector Employment Up by 57,500 Jobs Over the Past Year Preliminary Data: July Employment Contracts

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1 Media Contact Amanda Pisano New Jersey Private Sector Employment Up by 57,500 Jobs Over the Past Year Preliminary Data: July Employment Contracts TRENTON, August 18, New Jersey s long-term employment trend remains positive, with 57,500 private sector jobs added over the past year (July July ), although jobs moved lower in July, according to preliminary data from the United States Bureau of Labor Statistics (BLS). Preliminary BLS data for July shows employment contracted by 4,700 nonfarm jobs. The three-month moving average, which evens out the volatility in the monthly employment figures, shows New Jersey s private sector employment growth averaging 3,700 jobs over the last three months. New Jersey has added 275,900 private-sector jobs since February 2010, the low point of private-sector employment during the recession. While the July unemployment rate ticked up to 5.2 percent, the Garden State s labor force participation rate, representing the number of people employed or actively seeking work, continues to exceed the national rate, 64.1 percent to 62.8 percent. Previously released June estimates were revised lower by 4,200, to show an over-the-month nonfarm employment gain of 16,100 nonfarm jobs. The downward revision to June s payroll figure is unsurprising given how strong the preliminary estimate was. This combined with July s job loss clearly illustrates the volatility that has characterized monthly payroll growth throughout. The bottom line, however, is that the Garden State s economy continues to grow and add jobs with a total net gain of 57,500 private sector jobs over the past year, said James Wooster, Chief Economist for the New Jersey Department of Treasury. Industries that experienced employment gains in July included education and health services (+1,000), manufacturing (+900), financial activities (+800), other services (+400), and trade, transportation and utilities (+200). Sectors that experienced contraction were construction (-3,200), professional and business services (-2,400), leisure and hospitality (-1,600) and information (-400). The public sector recorded a loss of 300 jobs. Preliminary BLS data for August will be released on September 15,. Technical Notes: Estimates of industry employment and unemployment levels are arrived at through the use of two different monthly surveys. 1

2 Industry employment data are derived through the Current Employment Statistics (CES) survey, a monthly survey of approximately 4,000 business establishments conducted by the U.S. Bureau of Labor Statistics (BLS) of the U.S. Department of Labor, which provides estimates of employment, hours, and earnings data broken down by industry for the nation as a whole, all states and most major metropolitan areas (often referred to as the establishment survey). Resident employment and unemployment data are mainly derived from the New Jersey portion of the national Current Population Survey (CPS), a household survey conducted each month by the U.S. Census Bureau under contract with BLS, which provides input to the Local Area Unemployment Statistics (LAUS) program (often referred to as the household survey). Both industry and household estimates are revised each month based on additional information from updated survey reports compiled by the BLS. In addition, these estimates are benchmarked (revised) annually based on actual counts from New Jersey s Unemployment Compensation Law administrative records and more complete data from all New Jersey employers. 2

3 Table 1: Major Indicators of Labor Market Activity for New Jersey Seasonally Adjusted Benchmark Labor Force Data (resident) Current Month Previous Month One Year Ago Net Change Net Change July 16 (P) June 16 (R) July 15 over the Month over the Year Civilian Labor Force 4,570,900 4,579,300 4,536,500-8,400 34,400 Employment 4,332,600 4,346,800 4,289,000-14,200 43,600 Unemployment 238, , ,500 5,800-9,200 Unemployment Rate Employment Data (establishment) Current Month Previous Month One Year Ago Net Change Net Change July 16 (P) June 16 (R) July 15 over the Month over the Year Total Nonfarm 4,081,700 4,086,400 4,025,900-4,700 55,800 Total Private Sector 3,467,200 3,471,600 3,409,700-4,400 57,500 Goods Producing 396, , ,800-2,400 7,200 Mining & Logging 1,300 1,400 1, Construction 152, , ,600-3,200 3,800 Manufacturing 242, , , ,500 Service-Providing 3,685,700 3,688,000 3,637,100-2,300 48,600 Private Service-Providing 3,071,200 3,073,200 3,020,900-2,000 50,300 Trade, Transportation & Utilities 875, , , ,900 Information 75,200 75,600 74, Financial Activities 258, , , ,300 Professional and Business Services 651, , ,200-2,400 3,500 Education and Health Services 668, , ,500 1,000 10,100 Leisure and Hospitality 370, , ,800-1,600 9,600 Other Services 171, , , ,200 Public Sector 614, , , ,700 3-Month Average Change Total Nonfarm 2,900 4,200 7,800 N/A N/A Private Sector 3,700 3,700 6,800 N/A N/A Weekly Hours of Work (not seasonally adjusted)* Manufacturing Durable Goods Nondurable Goods Hourly Earnings (not seasonally adjusted)* Manufacturing $20.32 $21.16 $ $0.84 $0.01 Durable Goods $23.34 $25.68 $ $2.34 -$1.02 Nondurable Goods $17.57 $17.22 $16.72 $0.35 $0.85 Weekly Earnings (not seasonally adjusted)** Manufacturing $ $ $ $38.00 $10.55 Durable Goods $ $1, $ $67.93 $32.47 Nondurable Goods $ $ $ $10.63 $4.31 August 18,. P - preliminary, R-revised. * Production workers. ** Weekly earnings are computed from not seasonally adjusted hourly earnings and hours of work data. Source: New Jersey Department of Labor and Workforce Development, Division of Economic and Demographic Research. 3

4 July 16 (P) June 16 (R) July 15 July 16 (P) June 16 (R) July 15 Civilian Labor Force 4,636,000 4,599,000 4,597,100 4,570,900 4,579,300 4,536,500 Resident Employment 4,376,300 4,371,600 4,321,600 4,332,600 4,346,800 4,289,000 Unemployment 259, , , , , ,500 Unemployment Rate (%) Labor Force Participation Rate (%) Employment/Population Ratio (%) New Jersey Civilian Labor Force Annual Averages Year Labor Force Employment Unemployment Rate (% ) ,121,600 3,857, , ,205,200 3,946, , ,263,800 4,039, , ,246,400 4,051, , ,287,900 4,094, , ,282,100 4,123, , ,288,800 4,106, , ,346,200 4,095, , ,347,200 4,093, , ,349,200 4,138, , ,391,600 4,194, , ,445,900 4,236, , ,441,800 4,251, , ,504,400 4,264, , ,550,600 4,138, , ,555,300 4,121, , ,565,300 4,138, , ,585,300 4,158, , ,528,500 4,157, , ,513,600 4,209, , ,543,800 4,288, , Date Labor Force Employment Unemployment Rate % Jan 4,546,700 4,257, , Feb 4,546,600 4,261, , Mar 4,545,100 4,265, , Apr 4,542,500 4,270, , May 4,539,400 4,275, , Jun 4,536,900 4,281, , Jul 4,536,500 4,289, , Aug 4,538,800 4,298, , Sep 4,543,400 4,309, , Oct 4,549,200 4,320, , Nov 4,555,000 4,331, , Dec 4,560,900 4,340, , Jan 4,561,900 4,354, , Feb 4,565,900 4,367, , Mar 4,579,700 4,378, , Apr 4,586,500 4,372, , May 4,587,100 4,361, , Jun (R) 4,579,300 4,346, , Jul (P) 4,570,900 4,332, , Aug Sep Oct Nov Dec Source: New Jersey Department of Labor and Workforce Development, Division of Economic & Demographic Research. August 18,. P - preliminary, R-revised. Table 2: New Jersey Civilian Labor Force Trends Benchmark Not Seasonally Adjusted Seasonally Adjusted Civilian Labor Force Data for New Jersey - 4 Seasonally Adjusted

5 Table 3: New Jersey Nonfarm Employment by Industry for July Not Seasonally Adjusted, Benchmark Current Month Previous Month One Year Ago Net Change Industry July 16 (P) June 16 (R) July 15 over the Year Total Nonfarm 4,110,500 4,167,800 4,036,800 73,700 Total Private Sector 3,528,400 3,543,500 3,453,400 75,000 Goods Producing 401, , ,800 5,700 Mining & Logging 1,300 1,400 1, Construction 158, , ,800 3,300 Manufacturing 242, , ,600 2,500 Durable Goods 110, , , Fabricated Metal Products 20,000 20,200 20, Machinery Manufacturing 14,000 14,000 14, Computer and Electronic Products 23,600 23,600 23, Miscellaneous Manufacturing 18,200 18,200 18,200 0 Nondurable Goods 132, , ,400 2,700 Food Manufacturing 32,600 32,700 32, Paper Manufacturing 10,000 10,000 10, Printing and Related Support 14,000 14,200 14, Chemical Manufacturing 46,100 45,400 43,900 2,200 Pharmaceutical and Medicine 23,600 23,400 22, Service-Providing 3,709,000 3,764,500 3,641,000 68,000 Private Service-Providing 3,126,900 3,140,200 3,057,600 69,300 Trade, Transportation, and Utilities 875, , ,700 18,300 Wholesale Trade* 222, , ,500 3,800 Retail Trade* 475, , ,300 9,700 Building Material & Garden Equip. and Supplies Dealers 34,500 35,500 33,100 1,400 Food and Beverage Stores 120, , ,000 1,900 Health and Personal Care Stores 36,500 36,400 35,500 1,000 Clothing and Clothing Accessories Stores 51,800 52,100 53,200-1,400 Sporting Goods, Hobby, Book, and Music Stores 16,600 16,500 16, General Merchandise Stores 75,800 75,400 74,800 1,000 Transportation, Warehousing, and Utilities 177, , ,900 4,800 Utilities* 14,300 14,500 14,300 0 Transportation & Warehousing* 163, , ,600 4,800 Information 75,800 76,100 75, Publishing Industries (except Internet) 18,400 18,600 19, Telecommunications 31,700 31,100 30,500 1,200 Internet Service Providers, Web Portals, Data Proc. Srvs. 10,300 10,300 9, Financial Activities 260, , ,000 6,400 Finance and Insurance* 201, , ,100 5,000 Securities, Commodity Contracts and Other Fin. Investments 41,400 41,900 41, Insurance Carriers and Related Activities 90,400 90,300 88,000 2,400 Real Estate and Rental/Leasing* 59,300 58,300 57,900 1,400 Professional and Business Services 663, , ,200 11,000 Professional, Scientific and Technical Services* 300, , ,400 3,400 Management of Companies and Enterprises* 82,700 82,400 82, Administrative Support & Waste Management/Remediation* 279, , ,800 6,900 Education, Health and Social Assistance Services 660, , ,600 12,300 Educational Services* 104, ,800 93,200 11,000 Health Care and Social Assistance* 556, , ,400 1,300 Hospitals 160, , ,300 3,400 Nursing and Residential Care Facilities 93,600 95,400 95,400-1,800 Social Assistance 79,000 83,800 78, Leisure and Hospitality 415, , ,900 17,200 Arts, Entertainment and Recreation* 88,200 80,100 81,400 6,800 Accommodation and Food Services* 326, , ,500 10,400 Food Services and Drinking Places 266, , ,700 6,900 Other Services 176, , ,800 3,700 Repair and Maintenance 32,900 33,000 34,000-1,100 Personal and Laundry Services 60,800 61,400 58,700 2,100 Religious, Grantmaking, Civic, Professional and Similar Org. 82,800 81,100 80,100 2,700 Government 582, , ,400-1,300 August 18, P - preliminary, R-revised. Shaded rows denote supersector series, * denote sector series. Source: New Jersey Department of Labor and Workforce Development, Division of Economic and Demographic Research. 5

6 Table 4: New Jersey Nonfarm Employment Benchmark Annual Averages Total Private Sector Public Service- Year Total Manufacturing Construction Providing ,597,100 3,023, , ,300 2,455, , ,634,900 3,064, , ,000 2,506, , ,719,800 3,149, , ,800 2,587, , ,801,300 3,229, , ,100 2,663, , ,901,100 3,323, , ,600 2,756, , ,994,500 3,405, , ,600 2,834, , ,996,800 3,393, , ,800 2,833, , ,983,600 3,368, , ,600 2,839, , ,977,100 3,353, , ,500 2,843, , ,997,800 3,362, , ,900 2,859, , ,038,200 3,395, , ,100 2,896, , ,069,500 3,420, , ,900 2,922, , ,076,900 3,427, , ,300 2,945, , ,048,200 3,397, , ,500 2,935, , ,893,900 3,239, , ,600 2,838, , ,848,300 3,206, , ,500 2,823, , ,847,300 3,226, , ,900 2,848, , ,890,300 3,272, , ,400 2,899, , ,935,000 3,317, , ,600 2,939, , ,967,500 3,348, , ,600 2,966, ,400 4,022,400 3,407, , ,000 3,020, ,800 Seasonally Adjusted Monthly Data Jan 3,987,900 3,374, , ,700 2,989, ,400 Feb 3,988,700 3,375, , ,000 2,990, ,400 Mar 3,991,300 3,377, , ,200 2,993, ,800 Apr 4,002,500 3,389, , ,500 3,003, ,200 May 4,018,100 3,401, , ,500 3,014, ,400 Jun 4,021,600 3,405, , ,000 3,016, ,600 Jul 4,025,900 3,409, , ,600 3,020, ,200 Aug 4,028,600 3,411, , ,400 3,023, ,900 Sep 4,031,600 3,416, , ,600 3,028, ,100 Oct 4,051,400 3,437, , ,500 3,050, ,700 Nov 4,060,400 3,446, , ,500 3,057, ,400 Dec 4,072,800 3,458, , ,700 3,068, ,600 Jan 4,057,100 3,446, , ,500 3,056, ,100 Feb 4,051,900 3,439, , ,900 3,049, ,600 Mar 4,073,900 3,460, , ,400 3,068, ,400 Apr 4,072,900 3,456, , ,300 3,065, ,700 May 4,070,300 3,451, , ,500 3,056, ,400 Jun (R) 4,086,400 3,471, , ,600 3,073, ,800 Jul (P) 4,081,700 3,467, , ,400 3,071, ,500 Aug Sep Oct Nov Dec August 18, P - preliminary, R-revised. Source: New Jersey Department of Labor and Workforce Development, Division of Economic & Demographic Research. 6

7 Percent Key Economic Indicators: July (Seasonally Adjusted) NJ Monthly Total Employment Change 25,000 20,000 19,800 22,000 16,100 15,000 12,400 10,000 9,000 5,000 4,300 2,700 3, ,000-10,000-5,200-1,000-2,600-4,700-15,000-20,000-15,700 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul NJ Monthly Private Sector Employment Change 25,000 20,000 21,200 21,200 19,700 15,000 12,200 10,000 8,300 5,000 4,700 2,000 4, ,000-10,000-6,700-4,300-4,300-4,400-15,000-12,200 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 6.5 New Jersey Total Unemployment Rate Jul % Jul % Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul August 18, Source: New Jersey Dept. of Labor and Workforce Development, Division of Economic and Demographic Research. 7