Employment in NJ Fell in February; Unemployment Rate at 8.2 Percent

Employment in New Jersey was down sharply in February, the 13^th consecutive monthly decline. The state unemployment rate moved above the national rate for the first time since October 2006. The New Jersey unemployment rate rose by 0.9 percentage point from January’s 7.3 percent to 8.2 percent in February, just above the U.S. rate of 8.1 percent.

According to preliminary estimates from the New Jersey Department of Labor and Workforce Development’s monthly survey of employers, nonfarm wage and salary employment in the Garden State decreased by 19,700 jobs in February to a total of 3,968,100. Job contraction occurred in both the private (-19,200) and public sectors (-500) of the state’s economy. Based on more complete reporting, the previously released January estimate was revised lower by 3,800 to reflect an adjusted December-to-January loss of 12,700.

The economic fallout from the national recession on New Jersey’s job market has accelerated in 2009, with the loss of over 30,000 jobs over the first two months of the year. Job loss in February was widespread, as declines were recorded in eight of ten supersectors. The largest contractions occurred in professional and business services (-10,000), manufacturing (-5,200), construction (-3,300) and financial activities (-1,700). February losses in these industry supersectors are continuations of downward trends that are following the ongoing national recession which began in December 2007.

Source: New Jersey Department of Labor and Workforce Development