October 2024 | Released November 19, 2024
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United States Employment Snapshot
In October, among the 50 states and the District of Columbia unemployment fell in 8, rose in 22, and remained unchanged in 21.
The highest unemployment rate was 5.7 percent in District of Columbia and Nevada, and the lowest was 1.9 percent in South Dakota. Nationally, the unemployment rate remained unchanged in October.
In October, payroll jobs rose in 21 states and fell in 30. The largest payroll job percent increase was 0.4 percent in Idaho. The largest payroll job percent decline was 1 percent in Washington.
New Jersey Employment Snapshot
In October, New Jersey lost 1,500 net payroll jobs and the unemployment rate remained unchanged at 4.7 percent. In the prior month, New Jersey added 14,600 net payroll jobs.
Over the past 12 months, New Jersey added 43,500 net payroll jobs and the unemployment rate fell by 0.1 percentage point from 4.8 percent.
Nationally, nonfarm payrolls rose by 12,000 in October, or 0 percent. New Jersey is tied for 35th in the nation for percentage gain in nonfarm payroll employment over the past 12 months.
In October, New Jersey’s private sector lost 1,000 net private payroll jobs, and over the past 12 months it added 36,100 private payroll jobs. In the prior month, New Jersey added 14,600 net private payroll jobs.
In October, employment in New Jersey rose by 571, and over the past 12 months it rose by 18,433.
New Jersey’s labor force participation rate fell to 64.6 percent in October from 64.7 percent and is tied for 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 1,500 net payroll jobs, or 0 percent, on a seasonally adjusted basis during October. In the prior month, New Jersey added 14,600 jobs. New Jersey nonfarm payroll employment has increased in 7 of the past 12 months.
Nationally, nonfarm payrolls rose by 12,000 in October, or 0 percent. New Jersey is tied for 35th in the nation for percentage gain in nonfarm payroll employment over the past 12 months.
New Jersey lost 1,000 private sector jobs, or 0 percent. on a seasonally adjusted basis during October. In the prior month, New Jersey added 14,600 jobs. New Jersey private sector payroll employment has increased in 7 of the past 12 months.
Nationally, private sector payroll jobs fell by 28,000 jobs in October, or 0 percent. New Jersey is tied for 30th 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 October were Other Services (1,800) and Education and Health Services (1,400).
The poorest performing sectors during the month were Trade, Transportation, and Utilities (-1,500) and Professional and Business Services (-2,900).
The best performing sectors during the last 12 months were Education and Health Services (44,200) and Trade, Transportation, and Utilities (9,200).
The poorest performing sectors during the last 12 months were Leisure and Hospitality (-6,300) and Professional and Business Services (-7,800).
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 fell to 64.6 percent in October from 64.7 percent in the prior month.
New Jersey is tied for 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 fell by 0.1 percentage points to 62.6 percent in October.