August 15, 2024 | nj.gov
Credit: Image by Gerd Altmann from Pixabay
Preliminary labor market estimates for July, produced by the U.S. Bureau of Labor Statistics, indicate a New Jersey labor market that is showing signs of easing. The unemployment rate increased by 0.1 percent to 4.7 percent from June to July. Total nonfarm employment fell by 10,300 jobs to reach a seasonally-adjusted level of 4,375,000 jobs in the state.
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NJ SEED: The July employment drop coupled with the revised figures for job losses in June may not be cause for alarm. At this point, it appears that the rate of growth in the economy is slowing, but not yet to the point of significant concern. The August and September figures will be important to watch.
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