Apr-17-14 Employment Essentially Unchanged in March
Preliminary estimates for March indicate slight contractions were recorded in both the private (-700) and public (-600) sectors of the state’s economy, as measured by the BLS through its monthly employer survey. New Jersey has regained 121,400 private sector jobs since the recessionary low point of private sector employment in February 2010, although the BLS data shows a flat start to employment in the first three months of 2014.
“We continue to anticipate that job growth should kick into higher gear. One positive is that recent weeks have seen some of the lowest numbers of applications for unemployment insurance that have been seen in many years,” said Charles Steindel, Chief Economist for the New Jersey Department of Treasury.
Preliminary BLS data indicates total nonfarm wage and salary employment dipped by 1,300 in March to a seasonally adjusted level of 3,926,900, as the unemployment rate edged to 7.2 percent. The three month average of preliminary BLS data for New Jersey from January through March 2014 indicates a 7.1 percent average unemployment rate, with average monthly dips of 133 in private sector employment and average monthly contractions of 633 total nonfarm jobs.
New Jersey’s private sector employers have added 2,200 jobs over the past year (March 2013 - March 2014).
Based on more complete reporting from employers, previously released February estimates were revised lower, down by 1,100 jobs, to show an over-the-month (January – February) total nonfarm employment loss of 4,800 jobs. Preliminary estimates had initially indicated an over-the-month loss of 3,700 jobs.
In March, private sector job growth was posted in five of nine major industry sectors while four recorded losses. Industries that recorded employment gains included education and health services (+2,600), other services (+1,900), trade, transportation and utilities (+1,800), leisure and hospitality (+1,300), and financial activities (+200). Industries that saw job contraction included professional and business services (-2,700), information (-2,000), manufacturing (-2,000), and construction (-1,900).
Over the month, public sector employment was lower by 600. Contraction at the state (-700) and federal government (-200) levels were somewhat offset by a small gain in local government (+300).
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 that is announced early March of each year, incorporates more complete data from all New Jersey employers.