Based on more complete reporting from employers, previously released total nonfarm employment estimates for January were revised slightly lower by 100 to show an over-the-month (January – February) increase of 800 jobs. Preliminary estimates had indicated an over-the-month gain of 900 jobs. The state’s January unemployment rate was revised down by 0.1 percentage point to 7.8 percent.
In February, employment increases were recorded in seven out of nine major private industry sectors. Sectors that recorded employment gains include leisure and hospitality (+6,400), professional and business services (+3,400), education and health services (+3,100), manufacturing (+1,200), trade, transportation, and utilities (+1,200), other services (+900), and financial activities (+400). Sectors that recorded employment contraction include construction (-4,200) and information (-300). Over the month, public sector employment decreased by 1,400 jobs.
Preliminary BLS data for March 2021 will be released on April 15, 2021.
Technical Notes: For further information from the U.S. Bureau of Labor Statistics regarding the impact of the coronavirus pandemic on industry employment and unemployment estimates please visit: https://www.bls.gov/covid19/employment-situation-covid19-faq-february-2021.htm
Estimates of industry employment and unemployment levels are arrived at through the use of two different monthly surveys.
Industry employment data are derived through the Current Employment Statistics (CES) survey, a monthly survey of approximately 4,000 New Jersey 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.
Effective with the release of January 2018 estimates, the Current Employment Statistics (CES) program has converted to concurrent seasonal adjustment, which uses all available estimates, including those for the current month, in developing seasonal factors. Previously, the CES program developed seasonal factors once a year during the annual benchmark process. For more information on concurrent seasonal adjustment in the CES State and Area program, see www.bls.gov/sae/saeconcurrent.htm.