State unemployment rate drops to 7.3%

TRENTON — For the second consecutive month, New Jersey’s unemployment rate dropped significantly, reaching 7.3 percent in December, which represents a 0.5 percentage point drop from November 2013, according to preliminary data released by the United States Bureau of Labor Statistics (BLS).

The drop followed a 0.6 percentage point drop in the rate between October and November 2013. However, preliminary data released by the BLS through its monthly employer survey also indicates total non-farm employment in December contracted by 36,300, including 33,200 in the private sector and 3,100 in the public sector, to a seasonally adjusted total of 3,942,300.

“Despite these preliminary estimates, we anticipate that the New Year will see a resumption in New Jersey’s job growth," said Charles Steindel, chief economist for the New Jersey Department of Treasury. "Other indicators of state activity, such as home sales, unemployment insurance claims and business surveys, all remain on the right track, as does the state’s long-term economic strength.

The preliminary data still indicates a fourth consecutive year of private job growth in New Jersey, with 121,900 private sector jobs being added since February 2010, the low point of private sector employment during the recession.