GSI Analysis: November ’22 Jobs Report – NJ Jobs Rebound After Weak October Revision

• Unemployment rate unchanged at 3.4%, below 3.7% U.S. rate
• Labor force continues to recover, adding 11,600 workers
• Payrolls grow by 11,700 following loss of 2,500 in October

MORRISTOWN, NJ – On December 15th, New Jersey’s Department of Labor and Workforce Development issued the monthly jobs report for November 2022. Dr. Charles Steindel, former Chief Economist of the State of New Jersey, analyzed the report for the Garden State Initiative:

New Jersey payrolls grew by 11,700 in November. This increase followed a 2,500 loss in October (first reported as a small gain). November’s increases were widespread, with the only sectors reporting losses being manufacturing, information, and leisure and hospitality (down 1,800). In contrast, construction, professional and business services,  education and health,  and “other” services all had increases of at least 1,000.

The state’s unemployment rate was unchanged at 3.4%, lower than the national figure of 3.7%. November saw another good increase in the state’s labor force: 11,600. New Jersey’s labor force has grown by more than 90,000 (about 2%) since the low point in March, and in November was above 4.7 million for the first time since June 2021.

The U.S. Bureau of Labor Statistics will issue its monthly “State Employment and Unemployment” report on Friday, December 16th, which offers a comparison of how New Jersey is faring relative to other states.

-end-

The Garden State Initiative is a 501(c)3 nonprofit organization dedicated to strengthening New Jersey by providing an alternative voice and commonsense policy solutions in the state — solutions that promote new investment, the growth of businesses, the creation of economic opportunities, and innovation to the benefit of all New Jerseyans.