NJ lost an estimated 25,600 jobs in July as unemployment rate fell
State labor officials cautioned that the size of the monthly employment decline is likely overstated.
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New Jersey lost an estimated 25,600 jobs in July, although state labor officials cautioned that the unusually large decline likely overstates the month's actual employment losses.
The state's unemployment rate, meanwhile, fell slightly from 4.5% in June to 4.4% in July, according to preliminary estimates from the U.S. Bureau of Labor Statistics.
Why the July estimate comes with a caveat
The estimated decline brought New Jersey's seasonally adjusted nonfarm employment level to about 4.36 million jobs.
State labor officials said the 25,600-job estimate is likely too high because the statistical adjustment used to account for normal seasonal employment changes did not fully capture typical July declines in professional and business services. July survey response rates were also lower than expected.
Professional and business services recorded the largest estimated decline in July, losing 13,400 jobs. Leisure and hospitality lost 7,300 jobs, while private education and health services lost 2,700.
Three of nine private industry sectors added jobs. Trade, transportation and utilities gained 600, while manufacturing and information each added 100. Public-sector employment increased by 300.
New Jersey also has fewer jobs than a year ago
New Jersey had an estimated 19,600 fewer nonfarm jobs than it did a year earlier, including a net loss of 20,000 private-sector jobs.
Private education and health services added 26,400 jobs over the year, despite its decline in July. Every other private industry sector listed in the report recorded a year-over-year loss.
Leisure and hospitality posted the largest year-over-year decline, with 12,800 fewer jobs. Trade, transportation and utilities lost 8,000, while professional and business services lost 7,000.
June's estimate was revised
The latest report also included a substantial revision to New Jersey's June employment estimate.
The state was initially estimated to have lost 300 jobs from May to June. Revised figures now show a loss of 4,200 jobs. June's unemployment rate remained unchanged at 4.5%.
The employment figures are estimates based on federal surveys and are routinely revised as additional information becomes available. They are also benchmarked annually using more complete employment records.
Preliminary August employment figures and revised July estimates are scheduled for release on Sept. 17.
