Bergen, NJ Area Economic Summary

Bergen-Hudson-Passaic Area Economic Summary Updated September 03, 2021 This summary presents a sampling of economic information for the area; 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 county areas Bergen area, first quarter 2021 Unemployment rates (U.S. = $1,289)

10.5 United States 5.7

13.8 Bergen County 7.4

15.4 Hudson County 8.3

17.5 Passaic County 10.0

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 Bergen area employment Jul. 2021 2020 to Jul. 2021 15.0 (number in thousands) Number Percent 10.0 Total nonfarm 854.8 54.0 6.7 5.0 Mining, logging, and construction 30.0 0.4 1.4 0.0 Manufacturing 55.6 1.5 2.8 Trade, transportation, and utilities 197.4 7.7 4.1 -5.0 Information 18.4 0.5 2.8 -10.0 Financial activities 74.5 4.6 6.6 Professional and business services 129.1 4.1 3.3 -15.0 Education and health services 147.7 6.9 4.9 -20.0 Leisure and hospitality 67.4 19.0 39.3 Jul-18 Jul-19 Jul-20 Jul-21 Other services 34.0 6.8 25.0 Bergen area United States Government 100.7 2.5 2.5 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, July 2021 12-month percent changes in PPI 25.0 23.8 25.0 20.0 20.0 17.0 15.0 10.0 15.0 5.0 0.0 10.0 5.4 -5.0 5.0 3.5 3.4 3.4 -10.0 Jul-18 Jul-19 Jul-20 Jul-21 General freight trucking 0.0 All items Food Energy Hospitals New York area U.S. city average Data processing and related services 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 Accountants and auditors 50.83 39.26 80% $4,728 $5,081 $8,658 $7,230 Editors 45.12 35.53 60% $9,843 $8,047 40% $9,255 $10,507 Advertising sales agents 44.41 32.71 20% $28,040 $20,386 0% Customer service representatives 21.93 18.51 New York area United States All other items Healthcare Security guards 18.33 16.52 Personal insurance & pensions Food Transportation Fast food and counter workers 14.03 11.80 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 March 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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