labor market information update for july 2020labor market information update for july 2020 prepared:...
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New Jersey Department of Labor and Workforce Development
Division of Economic & DemographicResearch
Labor Market Information Update for October 2020
Prepared: December 2020
-800,000
-700,000
-600,000
-500,000
-400,000
-300,000
-200,000
-100,000
0
100,000
200,000
Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20
+12,500 +7,700 +7,200 +14,400 +1,100
-75,100
-756,200
+88,900+122,500 +132,000
+64,000 +74,100
-5,200
Monthly Total Nonfarm Employment Change New Jersey: October 2019 - October 2020
Over-the-Year Change: -324,600 Jobs
-800,000
-700,000
-600,000
-500,000
-400,000
-300,000
-200,000
-100,000
0
100,000
200,000
Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20
+13,100 +9,800 +3,500 +13,300 +3,400
-54,600
-749,800
+93,800+126,400
+148,200
+41,900 +54,700+12,800
Monthly Private Sector Employment ChangeOctober 2019 - October 2020
Over-the-Year Change: -296,600 Jobs
OTHER SERVICES, +1,900
INFORMATION, -100
LEISURE & HOSPITALITY, +5,700
MANUFACTURING, +1,300
CONSTRUCTION, +1,100
TRADE, TRANS. & UTIL., -2,400
PROF. & BUSINESS SERV., +1,600
FINANCIAL ACTIVITIES, +1,200
EDU. & HEALTH SERVICES, +2,500
GOVERNMENT, -18,000
-20,000 -15,000 -10,000 -5,000 0 5,000 10,000
Monthly Employment Change: October 2020
TNF October Change-5,200
-200,000 -180,000 -160,000 -140,000 -120,000 -100,000 -80,000 -60,000 -40,000 -20,000 0
LEISURE AND HOSPITALITY, -97,600
PROFESSIONAL & BUSINESS SERVICES, -
57,600
EDUCATION & HEALTH SERVICES, -54,500
TRADE, TRANSPORTATION &
UTILITIES, -42,100
OTHER SERVICES, -16,900
CONSTRUCTION, -10,100
MANUFACTURING, -7,200
FINANCIAL ACTIVITIES, -7,000
INFORMATION, -3,600
New Jersey Private Sector Employment Change by IndustryOctober 2019 - October 2020
Total Private Sector Change Over the Year: -296,600 Jobs
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20
Unemployment Rates, New Jersey vs. United StatesOctober 2019 - October 2020
United States New Jersey
New JerseyOctober 20
8.2%
United StatesOctober 19
3.5%
United StatesOctober 20
6.9%
New JerseyOctober 19
3.7%
N.J. Change Over the Year : +4.5 ppt
61.8 61.7 61.7 61.9 62.062.5
53.0
54.2
53.4
55.6
57.557.0 57.2
64.1 64.1 64.1 64.3 64.564.8
63.4
64.064.3
64.8 64.7
61.1
62.3
50.0
52.0
54.0
56.0
58.0
60.0
62.0
64.0
66.0
68.0
Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20
New Jersey Labor Force Participation Rateand Employment - Population Ratio:
October 2019 - October 2020
Labor Force Participation Rate
Employment-Population Ratio
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20
167,100 168,200 167,700 172,300 173,900 168,400
731,900695,700
766,200
651,400
510,000
289,800
362,900
Unemployed New Jersey ResidentsOctober 2019 - October 2020
Change Over the Year: +195,800 Persons
4,369,100 4,369,000 4,367,300 4,379,400 4,390,3004,419,800
3,751,400
3,835,500
3,782,600
3,937,800
4,068,4004,035,300 4,051,200
3,400,000
3,600,000
3,800,000
4,000,000
4,200,000
4,400,000
4,600,000
Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20
New Jersey Employed Residents: October 2019 - October 2020
OTM: +15,900OTY: -317,900
0
100,000
200,000
300,000
400,000
500,000
600,000
Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20
36,000 40,90063,000 51,900
35,300
445,400
566,000
156,400 161,300136,500
93,300106,300
127,200
New Jersey Monthly Initial Unemployment ClaimsOctober 2019 - October 2020
Over-the-Year Change : +91,200
Real Time Jobs in DemandTop 50 Occupational Listings – October 2020 Data
Source: Burning Glass Technologies, Labor Insight
Real Time Jobs in DemandTop 50 Occupational Listings – October 2020 Data (Continued)
Source: Burning Glass Technologies, Labor Insight
NJ Department of Labor & Workforce Development Offers Empowering
Labor Market Information
• Population and Demographic Trends– Census Data– Population and Household Estimates
• Economic Data– Labor Force Estimates– Unemployment Rates– Employment Data– Industry and Occupational Employment Projections– Population and Labor Force Projections– Occupational Wage Rates– Building Permits
NJLWD Resources
NJ Career Connections for Job Seekers –
Matching Skills of Job Seekers to Skills Sought by NJ Region
Employershttp://careerconnections.nj.gov/
Labor Market Information http://lwd.dol.state.nj.us/labor/