United States Congress Joint Economic Committee

New Jersey

December 2024

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November Employment Update
Labor Market (BLS/Haver)
Most Recent Prior Month 12 Mo. Prior
New Jersey Unemployment (U-3) 3.5% 3.4% 4.6%
U.S. Official Rate (U-3) 3.7% 3.7% 3.4%
U.S. "Real" Rate (U-6) 7.0% 7.1% 6.7%
New Jersey Labor Force Participation Rate 64.5% 64.3% 63.3%
U.S. Labor Force Participation Rate 62.6% 62.7% 62.7%
Prices (BLS/Haver, AAA)
Most Recent Prior Month 12 Mo. Prior
CPI-U Inflation 3.4% 3.1% 6.5%
"Core" CPI Inflation 3.9% 4.0% 5.7%
National Gas/gal. Updated 12/21/24 12:00 AM $3.05 $3.06 $3.12
New Jersey Gas/gal. $2.92 $2.93 $3.13
Northeast Region: Loaf of Bread $2.06 $2.06 $1.80
Northeast Region: Ground Beef/lb. $3.85 $3.74 $4.16
Economic Growth (BEA, WSJ/Haver)
U.S. Real GDP
Q3/2024 (2nd Estimate)
2.8%
NJ Real GDP
Q2/2024
2.4%
S&P 500 (YTD)
0.29% Updated 1/16/24 5:00 AM
Minimum Wage (DOL/WHD)
National Hourly Rate
$7.25
NJ Hourly Rate
$13.00
Last Generated: 12/21/24 5:15 AM