Sep-18-14 New Jersey Employment Stable in August
While New Jersey private sector employers added 26,600 jobs over the first eight months of 2014, preliminary estimates for August indicate total nonfarm wage and salary employment was lower by 900 jobs, reaching a seasonally adjusted level of 3,949,500, as measured by the BLS through its monthly employer survey. The state’s unemployment rate, which has fallen by 1.5 percentage points over the past year, ticked up to 6.6 percent.
Since February 2010, the recessionary low point for private sector employment in New Jersey, private sector employment has increased by 148,400 jobs.
Based on more complete reporting from employers, previously released July estimates were revised slightly lower by 200 jobs. The adjustment shows an over-the-month (June – July) total nonfarm employment gain of 5,500 jobs, with the private sector climbing by 8,300 jobs and the public sector shedding 2,800. Preliminary estimates had initially indicated an over-the-month gain of 5,700 jobs.
In August, private sector job growth was posted in five of nine major industry sectors while four recorded a loss. Industries that recorded employment gains included professional and business services (+3,200), manufacturing (+700), education and health services (+600), information (+400), and financial activities (+100). Industries that experienced job contraction were trade, transportation, and utilities (-3,000), construction (-1,600), other services (-900), and leisure and hospitality (-400). Over the month, public sector employment was lower by 100.
Technical Notes: 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 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 BLS. In addition, these estimates are benchmarked (revised) annually based on actual counts from New Jersey’s Unemployment Compensation Law administrative records and other data.
It should be noted that the employment figures released each month are estimates from a sample-based survey of approximately 5,000 New Jersey business establishments conducted by the BLS and are subject to annual revisions. The required annual review process, or benchmarking that is announced early March of each year, incorporates more complete data from all New Jersey employers.