Nov. 18 (Bloomberg) -- New Jersey’s unemployment rate fell one-tenth of a percentage point in October to 9.7 percent from a 32-year high the previous month, according to the state’s labor department.
The rate last month compares with 6 percent in October 2008. Total nonfarm employment in the state fell by 1,800 positions to 3.9 million in October, after a loss of 10,600 jobs from August to September, the department said in a statement.
“The preliminary estimates for October, in which the unemployment rate declined and monthly job losses slowed, show signs that a slow recovery is under way,” Labor Commissioner David Socolow said in the statement.
The U.S. unemployment rate jumped to 10.2 percent in October, the highest level since 1983, from 9.8 percent in September.
New Jersey’s private-sector employment was lower by 4,400, while public sector jobs rose by 2,600. The largest private- sector losses were in professional and business services, with a loss of 3,600 jobs; and financial activities, with a decline of 3,000 positions. The trade, transportation and utilities sector lost 2,200 jobs, largely because of less-than-expected seasonal hiring in retail businesses, the department said.
Construction and manufacturing jobs each gained by 1,600, according to the labor department.
September’s jobless rate of 9.8 percent was the state’s highest since April 1977, labor department data show.
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