United States Congress Joint Economic Committee

New Jersey

June 2023

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May Employment Update
Labor Market (BLS/Haver)
Most Recent Prior Month 12 Mo. Prior
New Jersey Unemployment (U-3) 3.5% 3.4% 4.6%
U.S. Official Rate (U-3) 3.7% 3.4% 3.6%
U.S. "Real" Rate (U-6) 6.8% 6.6% 7.2%
New Jersey Labor Force Participation Rate 64.5% 64.3% 63.3%
U.S. Labor Force Participation Rate 62.1% 62.2% 61.9%
Prices (BLS/Haver, AAA)
Most Recent Prior Month 12 Mo. Prior
CPI-U Inflation 4.9% 5.0% 8.3%
"Core" CPI Inflation 5.5% 5.6% 6.2%
National Gas/gal. Updated 6/9/23 12:00 AM $3.58 $3.53 $4.97
New Jersey Gas/gal. $3.50 $3.42 $5.04
Northeast Region: Loaf of Bread $2.04 $1.93 $1.86
Northeast Region: Ground Beef/lb. $3.85 $3.74 $4.16
Economic Growth (BEA, WSJ/Haver)
U.S. Real GDP
Q4/2022 (2nd Estimate)
2.7%
NJ Real GDP
Q4/2022
1.1%
S&P 500 (YTD)
11.84% Updated 6/9/23 5:00 AM
Minimum Wage (DOL/WHD)
National Hourly Rate
$7.25
NJ Hourly Rate
$13.00
Last Generated: 6/9/23 10:05 AM