August 2024
Released September 20, 2024
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United States Employment Snapshot
In August, among the 50 states and the District of Columbia unemployment fell in 5, rose in 32, and remained unchanged in 14.
The highest unemployment rate was 5.7 percent in District of Columbia, and the lowest was 2 percent in South Dakota. Nationally, the unemployment rate fell by 0.1 percentage point to 4.2 percent.
In August, payroll jobs rose in 32 states and fell in 18. The largest payroll job percent increase was 0.6 percent in Texas. The largest payroll job percent decline was 0.7 percent in South Dakota.
New Jersey Employment Snapshot
In August, New Jersey lost 4,400 net payroll jobs and the unemployment rate rose by 0.1 percentage point to 4.8 percent. In the prior month, New Jersey lost 11,500 net payroll jobs.
Over the past 12 months, New Jersey added 49,600 net payroll jobs and the unemployment rate rose by 0.1 percentage point from 4.7 percent.
Nationally, nonfarm payrolls rose by 142,000 in August, or 0.1 percent. New Jersey is tied for 32nd in the nation for percentage gain in nonfarm payroll employment over the past 12 months.
In August, New Jersey’s private sector lost 2,400 net private payroll jobs, and over the past 12 months it added 42,600 private payroll jobs. In the prior month, New Jersey lost 9,500 net private payroll jobs.
In August, employment in New Jersey rose by 4,350, and over the past 12 months it rose by 7,360.
New Jersey’s labor force participation rate rose to 64.8 percent in August from 64.7 percent and ranks 19th in the nation. In the past 12 months, the labor force participation rate has fallen by 0.2 percentage points.
New Jersey Payroll Employment
New Jersey lost 4,400 net payroll jobs, or -0.1 percent, on a seasonally adjusted basis during August. In the prior month, New Jersey lost 11,500 jobs. New Jersey nonfarm payroll employment has increased in 7 of the past 12 months.
Nationally, nonfarm payrolls rose by 142,000 in August, or 0.1 percent. New Jersey is tied for 32nd in the nation for percentage gain in nonfarm payroll employment over the past 12 months.
New Jersey lost 2,400 private sector jobs, or -0.1 percent. on a seasonally adjusted basis during August. In the prior month, New Jersey lost 9,500 jobs. New Jersey private sector payroll employment has increased in 7 of the past 12 months.
Nationally, private sector payroll jobs rose by 118,000 jobs in August, or 0.1 percent. New Jersey ranks 29th in the nation for percentage gain in private sector payroll employment over the past 12 months.
The best performing sectors on a seasonally adjusted basis during August were Education and Health Services (1,000) and Manufacturing (900).
The poorest performing sectors during the month were Government (-2,000) and Professional and Business Services (-2,700).
The best performing sectors during the last 12 months were Education and Health Services (36,900) and Trade, Transportation, and Utilities (12,500).
The poorest performing sectors during the last 12 months were Manufacturing (-3,400) and Information (-3,900).
New Jersey Labor Force
The labor force participation rate is the percentage of the civilian noninstitutionalized population age 16 and older who are employed or actively looking for work.
The labor force participation rate in New Jersey rose to 64.8 percent in August from 64.7 percent in the prior month.
New Jersey ranks 19th in the nation.
The 10-year high for the labor force participation rate in New Jersey was 65.1 percent occurring in June 2023, and the 10-year low was 60.6 percent in April 2020.
The national labor force participation rate remained steady at 62.7 percent in August.