New Jersey has recovered 403,000 jobs, or about 56 percent of the jobs lost in March and April of 2020, according to new data from the U.S. Bureau of Labor Statistics.
The largest gains in the private sector of the state’s economy, with 12,600 new jobs added. The state’s unemployment rate fell by 0.3 percentage points in May to 7.2 percent.
From March to April, 4,900 new non-farm jobs were recorded. In May, employment increases were recorded in seven out of nine major private sectors. Sectors that recorded employment increases include leisure and hospitality (+6,200); trade, transportation, and utilities (+3,000); education and health services (+2,500); professional and business services (+1,500); other services (+1,000); manufacturing (+800); and information (+200). Employment decreases were recorded in the construction (-2,200) and financial activities (-400) sectors. Over the month, public sector employment increased by 1,000 jobs.
The lifting of pandemic-related restrictions on New Jersey businesses occurred late in May, after the completion of the survey week. The impact of reopening on employment levels is anticipated to be seen in next month’s labor statistics reporting.