Overall unemployment rate moved down to 3.9% with the biggest shift in Restaurants & Hotels, which lost 1,300 roles, based on the most recently available information published in September 2022.
Total employment in the Ocean City, NJ market declined by 93 jobs in August and the unemployment rate decreased compared to the prior month by 10 bps to 3.9%. The national unemployment rate stayed flat over the same time period at 3.8%.
- Ocean City, NJ unemployment rate is 11 bps above the national rate which is a negative sign.
- Unemployment in the market is 220 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in August versus prior month by 13.2% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -2.6%. Key sectors include:
- Restaurants & Hotels: 22,300; -1,300
- Transportation & Utilities: 10,200; no change
- Government: 8,200; no change
- Education & Healthcare: 4,900; +100
Data is based on the most recent 12 months available, through August 2022 (Data published September 2022 and reports created on September 28, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.