Wednesday, September 06, 2006

NJ economic growth rate at 5 year low

From the AP via the Morris Daily Record:

NJ economic growth rate lowest in 5 years

Economic growth in New Jersey has declined to its slowest rate in nearly five years, hobbled by increasing initial unemployment claims and falling housing permits, the Federal Reserve Bank of Philadelphia reported today.

The regional bank's latest monthly forecast projected modest economic growth of 0.6 percent through the spring.

The nine-month growth rate has not been so low since 0.4 percent was projected in November 2001, when the economy was emerging from a recession but still reeling from the terrorist attacks two months earlier.

The bank's nine-month forecasts, issued each month, have been steadily declining since a 2.5 percent projection in January.

"This is certainly consistent with the employment growth data that we've seen in New Jersey. We've had a pretty dramatic decline in private-sector job growth in the state," said James W. Hughes, dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University.
...
"Corporate America is not about to pack its bags and leave this state," he said. "But when it has decisions about where to expand, New Jersey is not on the radar screen," he said.

New Jersey is on pace to add about 34,000 jobs this year, less than half the 75,000 it should, and over one-third of the new jobs are in government even though that sector accounts for less than one-fifth of all jobs, Hughes said.

The diminished growth rate indicates that New Jersey's economy is slowing along with the national economy, said economist Ted Crone, a vice president at the Philadelphia Reserve.

8 Comments:

Anonymous Anonymous said...

What will do to home prices & espeically condo prices??

In Jersey City & Hoboken, it seems like every third property has a 'for sale' sign on it.

But real estate agents are stuck in 2004 and still think we are in a real estate boom.

Maybe as economic growth slows, people won't be so inclined to buy overinflated crap just because 'its like so so close to NYC'..

Newsflash: There is more to life than Manhattan ( which is overrated and seriously overpriced (amoung other things). )

9/06/2006 05:26:00 PM  
Blogger grim said...

Perhaps the great majority will begin to realize that emperor is not wearing any clothes..

grim

9/06/2006 05:33:00 PM  
Anonymous Anonymous said...

Or his $300 jeans are out of style.

Pat

9/06/2006 07:38:00 PM  
Anonymous Anonymous said...

well its finally happened.

NJ is having a flight of people
and business.

Lets face it NJ is a welfare state.

Its run by grubbers who have sucked
the lifeblood out of it.

Pensions, salaries, medical bennies, looting of various
agencies, etc.

The pols have gutted the state.

And now we are the bag holders.

9/06/2006 08:55:00 PM  
Blogger chicagofinance said...

Anonymous said...
Or his $300 jeans are out of style.
Pat
9/06/2006 08:38:34 PM

peasant!!! $730

http://tinyurl.com/r957b

9/06/2006 09:53:00 PM  
Blogger RentinginNJ said...

Chicago,

Those are nice jeans if your going to paint the house or do some yardwork, but I prefer these

http://www.apojeans.net/jeans.htm

9/06/2006 10:23:00 PM  
Anonymous Anonymous said...

but hiring in the government hiring in public sector is growing at 6 times the private sector. go figure....

9/07/2006 07:56:00 AM  
Blogger chicagofinance said...

RentinginNJ said...
Chicago,
Those are nice jeans if your going to paint the house or do some yardwork, but I prefer these
http://www.apojeans.net/jeans.htm
9/06/2006 11:23:11 PM

rent:

nice!
you clubbed me like baby seal

9/07/2006 12:28:00 PM  

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