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Ridgewood NJ, once upon a time, merely mentioning AI on a Wall Street earnings call was enough to send investors into a frenzy. But as the dust settles, a more discerning reality is emerging.
Updated on June 9, 2017 at 4:54 PMPosted on June 9, 2017 at 10:07 AM
BY JEFF GOLDMAN
jeff_goldman@njadvancemedia.com,
NJ Advance Media for NJ.com
As expensive as it is to live in New Jersey, the cost to rent an apartment here isn’t close to being the priciest in the nation.
Renters in the Garden State — where the fair-market rate for a two-bedroom apartment is $1,420 per month — pay the seventh most in the country, according to a new report from the National Low Income Housing Coalition.
Hawaii, Washington D.C. and California are the most expensive. Those three are followed by Maryland, New York and Massachusetts.
So while renting in New Jersey is cheaper than a handful of spots, it still requires more money than most make.
In a state where the minimum wage is $8.44 an hour and the average person makes $17.86 per hour, a New Jersey worker needs to be paid $27.31 an hour to reasonably afford a two-bedroom apartment. The report defines “afford” as spending no more than 30 percent of your gross income on rent.
That translates to an annual salary of $56,810 per year. To live in a one-bedroom apartment, you need to make $46,619 per year on average.
Biggest quarterly drop since the aftermath of the financial crisis
This U.S. earnings season is on track to be the worst since 2009 as profits from oil & gas and commodity-related companies plummet.
So far, about three-quarters of the S&P 500 have reported results, with profits down 3.1 percent on a share-weighted basis, data compiled by Bloomberg shows. This would be the biggest quarterly drop in earnings since the third quarter 2009, and the second straight quarter of profit declines. Earnings growth turned negative for the first time in six years in the second quarter this year.
The damage is the biggest in commodity-related industries, with the energy sector showing a 54 percent drop in quarterly earnings per share so far in the quarter, with profits in the materials sector falling 15 percent.
The picture is brighter for the telecom services and consumer discretionary sectors, with EPS growth of 23 percent and 19 percent respectively so far this quarter.
When compared with analyst expectations, about 72 percent of companies have beaten profit forecasts. That’s only because the consensus has been sharply cut in the past few months, Jeanne Asseraf-Bitton, head of global cross-asset research at Lyxor Asset Management says in a telephone interview.
For the year as a whole, S&P 500 earnings are expected to fall 0.5 percent, data compiled by Bloomberg shows. For 2016, earnings growth is now seen at 7.9 percent, down from 10.9 percent in late July.
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