Q3 GDP Report: NJ Reports Solid Growth, But Sustainability in Doubt
- NJ’s reverses trend and reports 2.3%, leading region & slightly ahead of revised U.S. rate
- Reported growth at best rate since early 2018
- Questions regarding sustainability of growth in key industries raised
Analysis by Charles Steindel, Ph.D. for GSI
MORRISTOWN NJ, The Commerce Department’s Bureau of Economic Analysis (BEA) today announced that New Jersey’s Gross Domestic Product (GDP)—a measure of the aggregate output of all goods and services produced within the state—grew at a rate of 2.3% in the third quarter of 2019, leading the Northeast region, and slightly ahead of the revised U.S. rate of 2.1% for the quarter. However, the strength of New Jersey’s economy in light of weak growth in recent quarters and a review of the underlying details of today’s report, is anything but assured.
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