Trenton NJ, according to Garden State Initiative the GDP numbers are out for 1Q 2019 and it’s not pretty for New Jersey. We’re tied with Maryland for the worst economic growth on the US Mainland with an anemic 1.8% growth.
While the US economy is booming, New Jersey is being left behind.
MORRISTOWN NJ , Garden State Initiative (GSI) today released “The Stark Gap Between Public and Private Employee Benefits”, an analysis of the latest employee compensation data from the U.S. Bureau of Labor Statistics which illustrates some dramatic differences in compensation costs between the public and private sectors. While it’s less surprising that government costs for retirement and medical benefits far exceed the private sector, the 50% differential in cost in New Jersey versus the rest of the US is startling.
MORRISTOWN NJ, Following in the wake of the U.S. economy adding 224,000 jobs in June, New Jersey’s economy added 9,600 private sector and 600 government sector jobs in June, according to Garden State Initiative (GSI) analysis of the newest jobs numbers issued by the Bureau of Labor Statistics. The Garden State’s workforce declined in June, the 2nd straight month of a reduction, with the state’s workforce remaining below 2008 levels. The combination of increased employment and shrinking workforce led the unemployment rate .3% lower to 3.5%.
The state’s workforce shrank by 4,000 individuals in June, the second consecutive month of declines. The state’s average workforce of 4,443,100 in the month, remains below the average annual workforce size of 4,504,400 at the start of the Great Recession in 2008, a decline of 1.3%. The current national workforce has increased 5.6% over the same time period.
New Brunswick NJ, Continuing his advocacy for the fiscal reforms needed to reduce costs for state and local government, Senate President Steve Sweeney today joined a policy forum to discuss the initiatives in the “Path to Progress” report that will produce savings and efficiencies for state and local government and will help avert the mounting crisis in public finances from overtaking the government’s ability to operate effectively.