Newark, NJ-PA, Economic Summary Updated September 14, 2021 This summary presents a sampling of economic information for the ; supplemental data are provided for regions and the nation. Subjects include unemployment, employment, wages, prices, spending, and benefits. All data are not seasonally adjusted and some may be subject to revision. Area definitions may differ by subject. For more area summaries and geographic definitions, see www.bls.gov/regions/economic-summaries.htm.

Unemployment rates for the nation and selected Average weekly wages for all industries by areas Newark division, first quarter 2021 Unemployment rates (U.S. = $1,289)

10.5 5.7

13.4 Newark division 7.6

16.4 Essex County 9.5

10.9 Morris County 6.0

11.0 Somerset County 6.1

13.8 Union County 8.0

0.0 10.0 20.0 Jul-20 Jul-21 Source: U.S. BLS, Local Area Unemployment Statistics. Source: U.S. BLS, Quarterly Census of Employment and Wages.

Over-the-year changes in employment on nonfarm payrolls and employment by major industry sector Change from Jul. 12-month percent changes in employment Newark division employment Jul. 2021 2020 to Jul. 2021 15.0 (number in thousands) Number Percent 10.0 Total nonfarm 1,153.0 70.0 6.5 5.0 Mining, logging, and construction 43.8 -1.0 -2.2 0.0 Manufacturing 76.6 3.2 4.4 Trade, transportation, and utilities 229.7 8.6 3.9 -5.0 Information 22.6 0.6 2.7 -10.0 Financial activities 73.8 -1.5 -2.0 Professional and business services 236.8 11.4 5.1 -15.0 Education and health services 182.7 14.4 8.6 -20.0 Leisure and hospitality 91.3 24.9 37.5 Jul-18 Jul-19 Jul-20 Jul-21 Other services 45.8 4.8 11.7 Newark division United States Government 149.9 4.6 3.2 Source: U.S. BLS, Current Employment Statistics. Source: U.S. BLS, Current Employment Statistics. Over-the-year change in the prices paid by urban Over-the-year changes in the selling prices received by consumers for selected categories producers for selected industries nationwide

12-month percent change in CPI-U, August 2021 12-month percent changes in PPI 30.0 25.0 25.0 20.0 25.0 21.7 15.0 20.0 10.0 5.0 15.0 0.0 10.0 -5.0 5.3 3.8 -10.0 5.0 3.7 3.7 Aug-18 Aug-19 Aug-20 Aug-21 Insurance agencies and brokerages 0.0 All items Food Energy Hospitals area U.S. average freight trucking Source: U.S. BLS, Consumer Price Index. Source: U.S. BLS, Producer Price Index.

Average annual spending and percent distribution Average hourly wages for selected occupations for selected categories United Occupation New York area States Average annual expenditures, United States and All occupations $34.16 $27.07 New York area, 2018-19 100% $13,282 $11,144 Financial managers 103.21 72.84 80% $4,728 $5,081 $8,658 $7,230 Marketing managers 93.77 74.27 60% $9,843 $8,047 40% $9,255 $10,507 Lawyers 86.62 71.59 20% $28,040 $20,386 0% Compliance officers 43.67 36.35 New York area United States All other items Healthcare Security guards 18.33 16.52 Personal insurance & pensions Food Transportation salespersons 17.06 14.87 Housing Source: U.S. BLS, Consumer Expenditure Survey. Source: U.S. BLS, Occupational Employment and Wage Statistics, May 2020.

Employer costs per hour worked for wages and Over-the-year changes in wages and salaries selected employee benefits by geographic division 12-month percent changes in ECI Private industry, United Middle Atlantic 2021 States 4.5 Total compensation $41.22 $36.64 4.0 Wages and salaries 28.29 25.80 3.5 Total benefits 12.93 10.83 3.0 Paid leave 3.19 2.72 2.5 Vacation 1.61 1.39 2.0 Supplemental pay 1.59 1.27 1.5 1.0 Insurance 3.38 2.83 0.5 Retirement and savings 1.59 1.25 0.0 Legally required benefits 3.17 2.77 Jun-18 Jun-19 Jun-20 Jun-21 (1) The states that compose the Middle Atlantic census division are: NJ, NY, and PA. New York area United States Source: U.S. BLS, Employer Costs for Employee Compensation. Source: U.S. BLS, Employment Cost Index.

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