By Will Irving Read Report R/ECON’s economic forecast for New Jersey as of June 2024 continues to show a slowing trajectory, though the decline in annual GDP growth is not as pronounced as in the prior forecast. The anticipated slowdown has also been deferred from 2024 to 2025, consistent with expectations for the [...]
By Will Irving. Unpredictability has been one of the defining features of New Jersey’s labor market for much of the last two years. As the state’s unemployment rate climbed [...]
By Will Irving. Is the Budget Surplus Safe? Governor Murphy’s recently released FY 2025 budget proposal calls for total appropriations of $55.9 billion, up $1.5 billion (2.7%) from the original FY 2024 appropriation [...]
By Will Irving. As 2024 began with yet another surprisingly strong jobs report for the U.S. (353,000 jobs added in January and the unemployment rate steady at 3.7%), and with a full year’s worth of 2023 state-level employment data now available [...]
By Will Irving. The U.S. Census Bureau's annual state population estimates released this month show New Jersey resuming population growth after experiencing a decline of nearly 30,000 residents since the 2020 Decennial Census [...]
By Will Irving While New Jersey’s payroll employment has continued to grow this year after the rapid job gains of the post-pandemic recovery, a slower pace of growth in recent months and a sharp rise in the state’s unemployment rate, particularly over the last six months, are giving rise to some concern (see this article [...]
By Will Irving. R/ECON’s economic forecast for New Jersey as of November 2023 shows slow or stagnant growth over the next five to six quarters, with GDP recovering to a steady but tepid rate of increase in 2025. This largely mirrors the U.S. trajectory [...]
By William Irving. Data released earlier this month from the U.S. Census Bureau’s annual American Community Survey show that New Jersey now tops the list of states with the highest incomes in the country [...]
By Michael L. Lahr, Rutgers Economic Advisory Service (R/Econ™) Black Friday and Cyber Monday have passed, but all reports are not yet in. Adobe Analytics reports that online sales on Black Friday hit a new nationwide record, striking a level 2.3% higher than a year prior, while Sensormatic Solutions reports in-person shopping rose by 2.9%. [...]
By Michael L. Lahr. As detailed in our previous blog, there are several factors at play in the U.S. economy which may influence the likelihood of a recession. We discussed the Federal Reserve’s decision
