By Will Irving R/ECON’s economic forecast for New Jersey as 2024 drew to a close once again shows a slowing trajectory, with annual gross domestic product (GDP) growth in 2025 projected to slow more sharply than in the prior forecast.
By Will Irving. In late July, the outlook for the U.S. economy appeared strong, with some observers suggesting that the Fed had indeed nailed the long-awaited soft-landing even in light of recent cooling [...]
By Will Irving The United States Bureau of Economic Analysis (BEA) recently began publishing state-level data on the distribution of personal income across households. Similar income distribution and income inequality data has previously been available from other sources such as the IRS and U.S. Census Bureau. However, the BEA’s new approach draws on a [...]
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 [...]
