NJ’s economy shrinks (-2.2%) at rate larger than U.S. average (1.6%) to begin 2022
Rate of decline is larger than all neighboring states in the region
Significant decline noted in nondurable goods manufacturing
National economic slowdown raises concerns over NJ’s lagging performance
the staff of the Ridgewood blog
Morristown NJ, on June 30th, the United States Bureau of Economic Analysis issued its report on the Gross Domestic Product (GDP) by State for the 1st Quarter of 2021, which covers the months of January through March. Dr. Charles Steindel, former Chief Economist of the State of New Jersey, analyzed the report for the Garden State Initiative:
Despite cheaper gas and interest-free car loans that stretch six years, auto sales in October posted a surprise decline, the Commerce Department said Friday — while retailers continued to post disappointing sales for the three months ended Oct. 31.
Wall Street, fearful that consumers are running out of cash heading into the crucial Christmas retail season, are selling off retail stocks and everything else sensitive to consumer spending.
The Dow Jones industrial average has fallen over 600 points, or 3.4 percent, over the last eight trading sessions. The S&P 500 is down 3.7 percent over the same span.
Overall, retail sales edged up 0.1 percent last month after being unchanged in September, Commerce reported. Economists had forecast sales increasing 0.3 percent.
Car sales fell 0.5 percent in October after rising 1.4 percent in September, according to Commerce.
“Admittedly, this is a not a great start to the fourth quarter, which is important as we head toward the holiday shopping season,” said Jennifer Lee, a senior economist at BMO Capital Markets in Toronto, told Reuters.
Late Thursday, Nordstrom reported profits and sales for the three months ended Oct. 31 that missed Wall Street forecasts. Its shares on Friday morning got clobbered, falling 17.9 percent, to $52.11. Its shares are down 33 percent this year.
Other chains on Friday morning were tumbling as the entire retail sector is coming under attack. JC Penney is down 16 percent, Kohl’s was down 7.3 percent and Macy’s is off 4.2 percent.
