Total nonfarm wage and salary employment in New Jersey increased by 86,800 in May to a seasonally adjusted level of 3,497,400, according to estimates produced by the U.S. Bureau of Labor Statistics.

Still, New Jersey showed some true resilience as demonstrated by the June 18th report, “Total nonfarm wage and salary employment in New Jersey increased by 86,800 in May to a seasonally adjusted level of 3,497,400, according to estimates produced by the U.S. Bureau of Labor Statistics.

This gain represents a little over 10% of the number of jobs lost in March and April due to the COVID-19 pandemic and the measures taken in response to it.” reported the Department of Labor & Workforce Development.

Only the public sector recorded any declines.

According to the press release issued: “All of the gains were recorded in the private sector (+92,200) of the state’s economy as public sector employment contracted (-5,400). The state’s unemployment rate declined by 1.1% points to 15.2%, down from a revised 16.3% in April. It should be noted these estimates were based on surveys taken for the week including May 12, prior to the start of the relaxation of major measures that had been taken in response to the epidemic.”

April’s total nonfarm employment estimates were also revised higher by 1,500 to show an over-the-month (March – April).

New Jersey reported for May that employment increases were recorded in eight out of nine major private industry sectors.

Leisure and hospitality (+30,500)
Manufacturing (+18,500)
Trade, transportation and utilities (+16,700)
Construction (+14,100)
Professional and business services (+5,800)
Other services (+4,600)
Education and health services (+3,400)
Financial activities (+200)
Information (-1,600)

 

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.

Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

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