New Jersey Shows Strong Job Growth As COVID Fears Ease

Princeton NJ

07 April, 2022

4:46 PM

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NEW JERSEY — Falling coronavirus caseloads brought in a number of jobs to New Jersey in February, the Department of Labor and Workforce said. New Jersey employers added 25,900 jobs in February – a trend that has continued for the 15th consecutive month. The data came from the U.S. Bureau of Labor Statistics, which provides estimates of employment, hours, and earnings data broken down by industry for the nation as a whole, and all states. Overall, New Jersey's unemployment rate dropped to 4.6 percent from 5.1 percent in January. Demand for workers also grew during this period. New Jersey has now recovered 658,300 jobs or about 90 percent of jobs it lost in March and April 2020 due to the pandemic, the report said. Most of the job gains were in the state's private sector. Trade, transportation, and utilities added over 9000 jobs in February. The leisure and hospitality industry added more than 5,200 jobs; education and health services added 4,300 jobs and the construction sector added 1,300 jobs. Financial activity meanwhile remained flat and public sector employment decreased by 300 jobs. The number of people working from home or missing work due to illness also fell in February, the Labor Department said. The state's updated coronavirus guidelines suggesting that masks no longer be worn could pave the way for companies to bring back more employees to the office. Despite the unemployment rate tumbling, one of the biggest hurdles that companies face is the 40-year high inflation rate. Consumer prices rose by 7.5 percent in January, but wages remained stagnant. Nationwide, consumer spending dropped in February following the 2.1 percent jump in January, according to the Commerce Department. Russia's invasion of Ukraine also shook the global market with the costs of energy skyrocketing. While the February jobs data offer some reassurance, the fallout of the war and inflation remains to be seen in March. The data for March is expected to be released in mid-April, according to the Department of Labor and Workforce. Thank you for reading. Have a correction or news tip? Email [email protected] Get breaking news alerts on your phone with our app. Download here. Sign up to get Patch emails so you don't miss out on local and statewide news.