New Jersey labor market experienced job gains in May; unemployment rate drops to

New Jersey added 16,500 jobs in May — reaching a seasonally adjusted level of more than 4.39 million, according to a Thursday announcement from the U.S. Bureau of Labor Statistics. The state’s unemployment rate fell by a tenth of a percentage point for the second consecutive month, to 4.6%.

In May, seven out of nine private-sector industries recorded job growth compared with April. Sectors that recorded gains include leisure and hospitality (+7,200), education and health services (+2,900), trade, transportation and utilities (+2,700), other services (+900), manufacturing (+600), professional and business services (+500) and financial activities (+500).

Sectors that recorded job losses include construction (-400) and information (-200). Public-sector jobs increased by 1,800 for May.

Over the past 12 months, New Jersey has added 80,200 nonfarm jobs. Roughly 86% of those gains were in the private sector, with six out of nine private-sector industries recording a gain between May 2023 and this May.

These include private education and health services (+40,000), trade, transportation and utilities (+10,500), leisure and hospitality (+9,600), other services (+5,400), professional and business services (+3,900) and construction (+3,700). Losses were recorded year-over-year in information (-2,900) and manufacturing (-1,300), while financial activities recorded no change. The public sector has recorded a gain of 11,200 over the past twelve months.