United States Congress Joint Economic Committee

New Jersey

May 2022

Labor Market (BLS/Haver)
Most Recent Prior Month 12 Mo. Prior
New Jersey Unemployment (U-3) 4.1% 4.2% 7.0%
U.S. Official Rate (U-3) 4.8% 5.2% 7.8%
U.S. "Real" Rate (U-6) 7.3% 7.7% 11.7%
New Jersey Labor Force Participation Rate 62.6% 62.4% 63.3%
U.S. Labor Force Participation Rate 61.9% 61.9% 61.5%
Prices (BLS/Haver, AAA)
Most Recent Prior Month 12 Mo. Prior
CPI-U Inflation 6.8% 6.2% 1.2%
"Core" CPI Inflation 4.9% 4.6% 1.6%
National Gas/gal. Updated 5/27/22 12:00 AM $4.60 $4.13 $3.04
New Jersey Gas/gal. $4.75 $4.12 $3.06
Northeast Region: Loaf of Bread $1.71 $1.69 $1.44
Northeast Region: Ground Beef/lb. $3.85 $3.74 $4.16
Economic Growth (BEA, WSJ/Haver)
U.S. Real GDP
Q1/2022 (Advance Estimate)
-1.4%
NJ Real GDP
Q4/2021
7.4%
S&P 500 (YTD)
-14.86% Updated 5/27/22 5:00 AM
Minimum Wage (DOL/WHD)
National Hourly Rate
$7.25
NJ Hourly Rate
$13.00
Last Generated: 5/27/22 10:05 AM