Jan-23-14 Unemployment Rate Drops To 7.3 Percent
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The drop followed an historic 0.6 percentage point drop in the rate between October and November 2013. However, preliminary data released by the BLS through its monthly employer survey also indicates total non-farm employment in December contracted by 36,300, including 33,200 in the private sector and 3,100 in the public sector, to a seasonally adjusted total of 3,942,300.
“Despite these preliminary estimates, we anticipate that the New Year will see a resumption in New Jersey’s job growth. Other indicators of state activity, such as home sales, unemployment insurance claims and business surveys, all remain on the right track, as does the state’s long-term economic strength,” said Charles Steindel, Chief Economist for the New Jersey Department of Treasury.
The preliminary data still indicates a fourth consecutive year of private job growth in New Jersey, with 121,900 private sector jobs being added since February 2010, the low point of private sector employment during the recession.
Private sector drops were posted in eight of nine major industry sectors, including leisure and hospitality (-8,000), education and health services (-6,900), construction (-6,500), trade, transportation and utilities (-5,400) and manufacturing (-2,500). Contractions also were reported in financial activities (-2,100), other services (-1,900), and information (-900). Gains were reported in professional and business services (1,000).
PRESS RELEASE TABLES
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 U.S. Bureau of Labor Statistics and are subject to annual revisions. The required annual review process, or benchmarking, incorporates more complete data from all New Jersey employers. The benchmarked data, which will present a more complete picture of the New Jersey economy for the entire calendar year of 2013, will be released on March 17, 2014.
