United States Congress Joint Economic Committee

New Jersey

September 2023

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August 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) 3.6% 3.7% 3.6%
U.S. "Real" Rate (U-6) 7.1% 6.7% 7.0%
New Jersey Labor Force Participation Rate 64.5% 64.3% 63.3%
U.S. Labor Force Participation Rate 62.8% 62.6% 62.3%
Prices (BLS/Haver, AAA)
Most Recent Prior Month 12 Mo. Prior
CPI-U Inflation 3.0% 4.0% 9.1%
"Core" CPI Inflation 4.3% 4.7% 6.3%
National Gas/gal. Updated 9/28/23 12:00 AM $3.84 $3.82 $3.77
New Jersey Gas/gal. $3.67 $3.68 $3.46
Northeast Region: Loaf of Bread $2.08 $2.12 $1.77
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
Q1/2023
1.0%
S&P 500 (YTD)
11.33% Updated 9/28/23 5:00 AM
Minimum Wage (DOL/WHD)
National Hourly Rate
$7.25
NJ Hourly Rate
$13.00
Last Generated: 9/28/23 10:05 AM