NJ Job Growth, Tax Revenue Rise Ahead of Sherrill’s Spending Proposal

New Jersey’s unemployment rate remained at 4.2% in December, according to data released by the New Jersey Department of Labour and Workforce Development. While the rate held steady,it remains higher than the national average of 3.7%.

Analysts from the Trenton-based New Jersey Business & Industry Association noted that in november, only California, at 5.5%, had a higher unemployment rate than new Jersey. The state added 6,600 jobs in December, with gains concentrated in the leisure and hospitality, and education and health services sectors. Though, job losses were recorded in the trade, transportation, and utilities industries.

“While New Jersey’s unemployment rate has remained relatively stable, the fact that it continues to be above the national average is a concern,” said Jim Kirkos, a principal at NJBIA. “The state needs to focus on policies that encourage job creation and workforce development to ensure long-term economic growth.”

The labor force grew by 11,471 in December, and the number of unemployed residents increased by 2,449. Private sector employment increased by 5,400 jobs, while public sector employment grew by 1,200.

According to the Department of Labor, the largest employment gains were in leisure and hospitality (+2,700) and education and health services (+2,300). Industries experiencing job losses included trade, transportation, and utilities (-2,100) and professional and business services (-1,000).

New Jersey’s labor force participation rate remained at 62.3% in December,slightly below the national rate of 62.8%.