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Some Good News For New Jersey Economy For A Change Employers added 11,800 jobs

the staff of the Ridgewood blog

Trenton NJ, Employment levels in New Jersey increased in April as employers added 11,800 jobs to their payrolls, according to preliminary estimates produced by the U.S. Bureau of Labor Statistics. The April job gain was widespread across industries and represents the sixth monthly increase in the past seven months. The state’s unemployment rate fell by 0.2 percentage points over the month to 3.9 percent.

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Governor Should Focus on Growing Jobs, Not Weed

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the staff of the Ridgewood blog

Trenton NJ, In light of recent reports highlighting New Jersey’s continued economic decline, Senator Joe Pennacchio (R-26) today urged Governor Phil Murphy to stop pushing to legalize pot and start pushing for job creation.

Pennacchio’s call for action follows news that New Jersey lost 7,700 jobs in February, according to new data by the U.S. Bureau of Labor Statistics. New Jersey also lost at least 2,300 jobs in December of 2018 alone.

Additionally, this week the NJBIA released their 2019 Climate Analysis, which indicated that New Jersey continues to have the worst business climate, highest property taxes, highest sales tax, and highest income tax in the region.

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New Jersey Job Growth Remains Anemic At Best

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the staff of the Ridgewood b;log

Ridgewood NJ, According to Garden State Initiative (GSI)  analysis of the newest jobs numbers released by the Bureau of Labor Statistics (BLS) today, New Jersey’s job growth for 2018 was much smaller than first reported.  Instead of the previously reported 61,900 new jobs added in 2018, there were actually only 39,400 new jobs added last year – a decline of 44%. (The Bureau of Labor Statistics revises jobs statistics on a monthly and annual basis to account for new data available and more in-depth analysis that is able to take place.)

The revised numbers from BLS mean that while New Jersey did still experience jobs growth for 2018, the actual growth was lower by 27,500 jobs than initially reported.  New Jersey’s labor force is still smaller than the average labor force size in 2006.

Some Key Findings of the GSI report :

  • New jobs in 2018 revised downward 44% – from 61,900 to 39,400
  • Labor force remains smaller than average labor force in 2006
  • Participation rate continues to trail national average
  • Unemployment ticked up .1 to 4.0%
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Responsible Tax Incentives Play a key role in an Economic Development Strategy

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the staff of the Ridgewood blog

Ridgewood NJ, Tax incentive programs are a key tool in New Jersey’s economic development strategy because they help to offset the impact of the state’s challenging business climate, and they need to be maintained if the state is going to continue to produce private-sector jobs, the New Jersey Business & Industry Association said today.

Andrew Musick, NJBIA vice president for Government Affairs, told legislators that the Garden State’s high tax rates put it at a competitive disadvantage in the region, as well as the nation. Without a robust incentive program to offset them, New Jersey would find it difficult to attract companies that provide quality employment opportunities for New Jersey residents.

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Jersey Shore community says that paying seasonal workers $15 per hour as minimum wage will hurt the town and drive up prices

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the staff of the Ridgewood blog

Toms River  NJ, News 12 New Jersey is reporting that the mayor of a Jersey Shore community says that paying seasonal workers $15 per hour as minimum wage will hurt the town and drive up prices.While New Jersey’s economically challenged Gov. Phil Murphy signed legislation earlier this year to increase the minimum wage to $15 per hour over the course of the next five years. The governor has said that a higher minimum wage will strengthen the middle class and give security to working families. The reality is middle class families try to send their kids to collage or  trade school  so they don’t have to work for minimum wage . The minimum wage is for starter jobs and part time jobs raising the bar eliminates those jobs , skills and work ethic that go along with them .

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Why Amazon Didn’t Choose NJ

Amazon Introduces New Tablet At News Conference In New York

The following editorial by Senator Robert Singer (R-30) on Amazon’s rejection of New Jersey’s proposal to host a new headquarters was published on Feb. 25, 2019 in the Asbury Park Press:

A whopping 238 cities across the United States sought to be the home of Amazon’s second headquarters, dubbed “HQ2.” Of all city applicants, Newark, New Jersey offered Amazon the largest tax benefits in the country. Regardless of being one of twenty cities to make the final cut, Newark was passed over by Amazon not once, but twice. It speaks volumes that a package of tax incentives totaling $7 billion could not entice Amazon to choose New Jersey.

Our state’s prime geographic location, diverse workforce, state-of-the-art infrastructure, convenient transportation, and best-in-the-nation schools should have made the Garden State an easy sell. The New Jersey Legislature’s successful bipartisan effort to top all other competing tax incentive offers nationwide should have made the Garden State an easy choice. The competition was fierce to court HQ2, and New Jersey was in play.

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New England Motor Freight Shuts Down NJ Loses 4,000 Jobs

the staff of the Ridgewood blog

Elizabeth NJ, BANKRUPTCY filed in Newark NJ Court – New England Motor Freight Inc HEADQUARTERS IN ELIZABETH NJ CLOSES ITS DOORS – 4,000 JOBS LOST – NJ IS A JOB KILLER 

Ask Phil Murphy and Senator Menendez & Cory Booker what they did to try and help this company, besides raising taxes to the point of collapse. It’s no wonder Phil Murphy was begging  Jeff Bezos on his knees to bring the Amazon HQ to NJ. 

https://www.wsj.com/articles/trucker-new-england-motor-freight-files-for-bankruptcy-plans-to-shut-down-11549928566

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NJBIA: Improving NJ Business Climate Would Help Attract Amazon, and Others

Amazon Introduces New Tablet At News Conference In New York

the staff of the Ridgewood blog

Trenton NJ, NJBIA President and CEO Michele N. Siekerka Esq. issued the following statement today relating to Governor Murphy’s efforts to attract Amazon to Newark.

“NJBIA shares and appreciates Governor Murphy’s enthusiasm for Newark as an ideal location for Amazon’s future expansion. Newark’s rebirth, where we have seen billions of dollars in high-tech investment, has been nothing short of inspiring. We hope Amazon will recognize the quality of Newark’s location, infrastructure and workforce and how it is serving as a model on how to own the innovation mantle and replicate it in urban areas across the state.

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5 Smart Financial Tips to Young Professionals

the staff of the Ridgewood blog

Ridgewood NJ, You might be clueless about managing your finances when you are out in the real world. There is a lot of things to consider on budgeting your money once you get your paycheck or from your
sidelines if you are a freelancer. Unfortunately, personal finance was not a subject taught in high school or college. So, I will be giving out a few important bits of advice to understand money.

1. Learn how to manage your spending.
Most parents taught us about this skill when we were kids. If not, always remember that the sooner we learn about finances, the sooner we will find it easy to keep in order. Perhaps, it is very easy to purchase an item on credit but it is better to wait and save. Do you really want to pay the interest on that item? Or pay it in cash? If you make it a habit to put all your expenses on credit cards be sure to pay it in full on time or you have to pay it in the long years. There is nothing wrong with carrying a credit card especially with the convenience and rewards they offer. Make sure to always pay your balance in full. Do not carry more cards if you are not confident with your spending habits.

2. Keep your finances in order.
When we are starting our career path, the first thing we have in our mind is long-term financial planning and security. It is our main goal once we start earning money. There is a lot of how’s and why’s that we have in our mind. That is why we always need to organize our expenses such as paying rent, utility bills, and loans. It is a lot harder if you are financially independent. First, to solve the problem you have to create a budget. This is the key solution to our financial problems. There’s no way around of keeping track of where your money goes and where it should be going. Always make it realistic. You don’t have to deprive yourself of everything that doesn’t fall in the categories of “needs”. You simply have to make yourself responsible for your spending. In case you need extra cash, make sure to get it only from cash mart licensed money lender. This will endure that you get loans with fair terms and charges. Read moneylender reviews to know which licensed lender gives the best borrowing experience.

3. Be specific on your financial goals.
Always prioritize making your money work for you. Ask yourself, “What I am investing for? What is the long-term goal?” Avoid saving your money for traveling, or saving money for your lifestyle. Get specific with your goals. It is quite exciting and it also helps your financial advisor know where your money should be invested. This is a perfect exercise to decide the amount of risk you are willing to take on. Don’t waste money for something that is not worth your sacrifice. Figure out what you really need. Create SMART goals. This will make your certain ambitions to be specific, measurable, achievable, relevant and timely.

4. Learn the art of the deal.
This is the tool that will serve you well at every step of your career. Getting the first real job is excellent, but it is only your starting point. Negotiation is not only for the billionaire nor presidential candidates, but it is also for everyone. Know how to negotiate. Even if you stay in the job for a long time, you should take advantage of negotiation to increase your pay and benefits.
This has a lot of benefits for you. Not only do you get additional money but you also build your professional confidence. Don’t agree with something that would not be enough. Always consider everything like how much would could you save once you agree with this? What about your retirement plan? What about increasing your savings?

5. Invest your hard-earned money.
Investing is not as mysterious as it seems. It is actually pretty easy. Once your savings reach a certain level, put this in a high-yielding investment. Your choice may include, mutual funds, condominium, or house and lot investments, trust funds or equities. These are already available to retail investors for low opening account. Don’t invest too much in a low-interest earning accounts. Your goal is to maximize your earning. On the other hand, you can also start a small business opportunity. Your main goal here is to grow your income. Think of everything that can make it happen. Perhaps you can talk with financial advisors or your businessman friends. It is better to gain ideas at first before you move.

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NJGOP Chairman states the Obvious New Jersey Needs to Improve It’s Business Climate

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the staff of the Ridgewood blog

Trenton NJ,  NJGOP Chairman Doug Steinhardt released the following statement on President Trump’s State of the Union Address: “President Trump is taking our country in the right direction. His policies are earning new, well-paying jobs, helping small businesses thrive and lifting America’s economy to new heights. “While America grows, our home state of New Jersey lags behind. It’s time for New Jersey to fight back and tell Democrats in Trenton that we have had enough of the burdensome tax increases and strangling regulations. It’s time for both parties to come together and take action on improving New Jersey’s business climate and making our state more affordable.”