Mar-24-11 Employers Add 7,500 Jobs in February; Unemployment Rate Edges Slightly to 9.2 Percent Due to Workers Re-Entering Job Market
Long term job figures show growth of 17,200 private sector jobs between February 2010 and February 2011, in contrast to the previous year’s loss of 96,600 private sector jobs between February 2009 and February 2010.
In addition, New Jersey personal incomes are on an upswing. According to the U.S. Bureau of Economic Analysis, the state’s aggregate personal income—an estimate of income earned by all residents—was $450.7 billion (at an annual rate) for the fourth quarter of 2010. This is a new record high and is 2.9% above the value for the fourth quarter of 2009.
“The income gain is one of the most encouraging signs yet that New Jersey’s economy is emerging from the recession,” said Charles Steindel, Chief Economist for the New Jersey Department of the Treasury.
According to preliminary estimates, total nonfarm wage and salary employment in New Jersey increased by 7,500 jobs in February to 3,836,400. The majority of the gains were recorded at private sector businesses, which added 6,800 jobs over the month as six of ten industry super-sectors recorded job gains. Public sector job-holding increased by 700 in February.
Based on more complete reporting from employers, previously released January estimates show a revised over-the-month (December - January) loss of 15,800 jobs. Preliminary estimates had indicated an over-the-month loss of 13,000 jobs.
In February, significant job gains were recorded in the professional and business services (+3,300), construction (+3,000), and leisure and hospitality (+1,700) industry sectors. The gain in professional and business services was due to hiring in two key industry components, professional, scientific and technical services which added 2,200 jobs and administrative support/waste management and remediation which increased by 1,300. The increase in construction represents the largest monthly job gain for the sector in over five years.
Industries that recorded job loss included trade, transportation and utilities (-1,200), educational and health services (-800) and financial activities (-700). Contraction in the retail trade segment (-1,200) was responsible for the loss in trade, transportation and utilities while the loss in educational and health services was due to a drop in the health care and social services (-2,500) component.
Public sector employment in February was higher by 700 as gains in local (+2,700) and federal employment (200) outpaced a 2,200 drop in state employment.
Over the month, the unadjusted workweek for manufacturing workers increased by 0.3 hours to 40.0 hours, average hourly earnings increased by $0.03 to $19.13 and weekly earnings were up by $6.93 to $765.20. Compared with February of last year, the unadjusted workweek was higher by 0.3 hour, average hourly earnings increased by $0.13 and weekly earnings were up by $10.90.
Press Release Tables Note: Estimates of industry employment and unemployment levels are arrived at through the use of two different monthly surveys.
Industry employment data are derived through the Current Employment Statistics (CES) survey, a monthly survey of business establishments conducted by the US Bureau of Labor Statistics (BLS) of the US Department of Labor, which provides estimates of employment, hours, and earnings data broken down by industry for the nation as a whole, all states, and most major metropolitan areas (often referred to as the “establishment” survey). Through a Federal-State cooperative endeavor, the employment security agency in each state analyzes and publishes industry employment data reports detailing the CES data compiled by BLS, using concepts, definitions, and technical procedures prescribed by BLS.
Resident employment and unemployment data are mainly derivfrom the New Jersey portion of the national Current Population Survey (CPS), a household survey conducted each month by the US Census Bureau under contract with BLS, which provides input to the Local Area Unemployment Statistics (LAUS) program (often referred to as the “household” survey). Through a Federal-State cooperative endeavor, the employment security agency of each state analyzes and publishes reports detailing the LAUS data compiled by BLS using concepts, definitions, and technical procedures prescribed by BLS.
Both industry and household estimates are revised each month based on additional information from updated survey reports compiled by BLS. In addition, these estimates are benchmarked (revised) annually based on actual counts from New Jersey’s Unemployment Compensation Law administrative records and other data.