The Ridgewood Blog Brings a Free Market Laissez-faire Point of View to Local, New Jersey State and National Issues.
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Ridgewood NJ, total nonfarm payroll employment increased by 216,000 in December, and the unemployment rate was unchanged at 3.7 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in government, health care, social assistance, and construction, while transportation and warehousing lost jobs.
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Continue reading BREAKING: US Economy Stages Robust Payroll Growth
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Washington DC, (12/02/22 8:33am) total nonfarm payroll employment increased by 263,000 in November, and the unemployment rate was unchanged at 3.7 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in leisure and hospitality, health care, and government. Employment declined in retail trade and in transportation and warehousing.
the staff of the Ridgewood blog
Washington DC, (8:33am) total nonfarm payroll employment increased by 263,000 in September, and the unemployment rate edged down to 3.5 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in leisure and hospitality and in health care.
Continue reading Unemployment rate edged down to 3.5 percent Job Growth Continues to Slow
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Trenton NJ, Senator Michael Testa today lambasted New Jersey’s Department of Labor and Workforce Development after the beleaguered agency issued a self-congratulatory press release boasting of its accomplishments in 2021.
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Ridgewood NJ, More college-age residents are leaving New Jersey than any other state, and the 10th District lawmakers say that is a powerful indicator of bigger problems in Democrat-controlled New Jersey.
January 19,2017
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Washington DC,the Trump Bump has turned into the Trump Jump. The US Jobless claims drop to lowest level in nearly 45 years .The Washington Examiner reports that “new applications for unemployment insurance benefits plunged by 41,000 to 220,000 in the second week of 2018, the Labor Department reported Thursday”—the lowest level they’ve reached in nearly 45 years. “Low jobless claims are a good sign because they suggest that layoffs are relatively scarce,” Joseph Lawler writes.
According to Federal Reserve data reported by Bloomberg, “U.S. factory production rose for a fourth straight month in December, capping the strongest quarter since 2010 and underscoring a resurgence in manufacturing that’s primed for further advances.” What’s driving the uptick? “Stronger consumer spending, increased business investment and more shipments of merchandise to overseas customers are providing plenty of fuel for the nation’s producers,” Katia Dmitrieva writes.
Christopher Buskirk writes in USA Today that President Donald J. Trump’s first year in office has been a story of promises kept. “By every measure of personal and national prosperity, the nation is better off than it was a year ago, and it’s thanks to the integrity of our leader,” Buskirk writes.
Wake up NJ. Boeing, ATT (who move down out of NJ), Comcast, Wells Fargo, and about 12 more companies so far have announced employee bonuses, wages, increased capital spend, and hiring all due to tax cut. That is all great for middle class and everyone else
Illoinis (another high tax state) like NJ calculate it is losing people at the rate of one every 4 minute every to low tax states. Wonder how NJ is doing for mid to high income families leaving the state? How many will leave when Murphy gets his way.
How can anyone defend a 11-13% state income tax in a state that is bankrupt. How can anyone defend ridgewood property tax that is some cases are 50-100k on houses that lose value every year, with schools getting worse, services declining, and no end in sight. Can we really defend a 110 million annual school budget? How many adminstrators do we need? How many vehicles does the schools need? We neeed to really look into this budget and trim the fat. The kids are getting shortchanged. Walk into the high school and look at the teacher absense list and how many kids get assigned to just sit in a large room with a supervisor but no lessons.
We need to wake up, the federal government is finally doing something. Local should be easier with proper leadership.
file photo by Boyd Loving
October 30,2017
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Ridgewood NJ, in the Tax Foundation’s annual comparison of state business climates New Jersey has once again ranked at the bottom of U.S. states as it has since at least 2015.
While neighboring states Delaware 15, Pennsylvania 26, Connecticut 44 , and New York 49.
The think tank ranked New Jersey 36th in unemployment insurance tax, 42nd in corporate business taxes, 46th in sales taxes, 48th in individual income taxes and dead last in number 50 in property taxes.
Joining New Jersey at the bottom of the ranking were New York, California, Vermont, Minnesota, Ohio, Connecticut, Maryland, Louisiana and Rhode Island.
Over two million people left New Jersey between 2005 and 2014, taking billions of dollars in income and economic activity with them, according to a state business group that blames high taxes for the exodus. Is anybody listening ?
October 13,2017
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Old Tappan NJ, Bob is an old friend of the Ridgewood blog and he is running for Assembly in District 39. Bob never forgets he is a small business owner . Bob is somone who can fight to set the balance right against ANTI-Business , ANTI-jobs Trenton.
District 39 is (Bergen and Passaic Conties) Bloomingdale, Closter, Demarest, Dumont, Emerson, Harrington Park, Haworth, Hillsdale, Mahwah, Montvale, Norwood, Oakland, Old Tappan, Park Ridge, Ramsey, Ringwood, River Vale, Saddle River, Upper Saddle River, Wanaque, Washington (Bergen), Westwood, Woodcliff
Unlike most modern day politicians Bob entered into politics to help the everyday people of New Jersey, like himself. After graduating from New York University, Bob opened a small insurance company with my wife, Elsa. While it was prosperous at first, the state of New Jersey began to pass heavy regulations that placed a burden on insurance companies like his. After all but six of my competitors went out of business because of these new laws I realized that it was very possible that I might also lose everything I had worked so hard for. It was at that point that I decided to reach out to my friend Senator Cardinale to see if there was any way that he could help me. With a little negotiation Senator Cardinale was able to get Allstate Insurance to work with me which stopped me from having to go out of business. Through this experience, I witnessed firsthand the power of the government to both destroy and to aid.
After Senator Cardinale had helped him Bob decided to try and return the favor. Little by little, Bob started to do additional work for him until finally he became an unpaid volunteer aide for him in Trenton. After working for Senator Cardinale for 25 years a seat in the Assembly opened up; and while Bob was hesitant at first to run for office, he realized that this was my opportunity to help people, just as Senator Cardinale had helped him.
So in 2014, against all odds and very tough competition, I won a seat in the assembly. Even after all his time in the New Jersey Legislature I have kept one rule; before Bob votes on anything he must ask himself how would I feel as a taxpayer seeing my own vote? Bob is an Assemblyman because he has witnessed firsthand the power of the government to both impede and to aid, and Bob wants to ensure it will not impede again.
https://www.electrobertauth.com/
September 28,2017
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Washington DC, The U.S. economy grew at a faster pace than previously estimated in the second quarter, recording its quickest growth in more than two years.
Gross domestic product (GDP) increased at a 3.1 percent annual rate in the April-June period, the Commerce Department said in its third estimate on Thursday. The upward revision from the 3.0 percent pace of growth reported last month reflected an increase in inventory investment.
Growth last quarter was the fastest since the first quarter of 2015 and followed a 1.2 percent pace of growth in the January-March period. Economists had expected that second-quarter GDP growth would be unrevised at a 3.0 percent rate.
Rebuilding in Texas after Hurricane Harvey is expected to boost growth in the fourth quarter and in early 2018. Growth estimates for the July-September period are just above a 2.2 percent pace.
With GDP accelerating in the second quarter, the economy grew 2.1 percent in the first half of 2017.
President Trump on Wednesday proposed the biggest U.S. tax overhaul in three decades, including lowering the corporate income tax rate to 20 percent and implementing a new 25 percent tax rate for pass-through businesses such as partnerships to boost the economy.
Growth in consumer spending, which makes up more than two-thirds of the U.S. economy, was unrevised at a 3.3 percent rate in the second quarter as an increase in spending on services was offset by a downward revision to durable goods outlays. Consumer spending in the second quarter was the fastest in a year.
Amid robust consumer spending, businesses accumulated a bit more inventory than previously reported to meet the strong demand. Inventory investment added just over one-tenth of a percentage point to GDP growth in the second quarter. It was previously reported to have been neutral.
Growth in business spending on equipment was unchanged at a rate of 8.8 percent, the fastest pace in nearly two years.
Investment on nonresidential structures was revised to show it increasing at a 7.0 percent pace, up from the previously reported 6.2 percent rate.
Both export and import growth were revised slightly lower. Trade contributed two-tenths of a percentage point to GDP growth last quarter. Housing was a slightly bigger drag on growth in the last quarter than previously reported, subtracting 0.3 percentage point from output.
SENATOR BOB GORDON AND TRENTON ESTABLISHMENT HAVE INCREASED TAXES, REGULATIONS, AND FEES COSTING NEW JERSEY JOBS AND OPPORTUNITY
September 23,2017
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New Milford NJ, District 38 Amazon’s recent announcement of an RFP for states and municipalities to bid on hosting their second national headquarters, highlights the disastrous state of New Jersey’s business climate.
“With our proximity to New York City, talented workforce, and access to mass transit and numerous airports, North Jersey would serve as the perfect spot for Amazon to open its second national headquarters,” said Kelly Langschultz, candidate for New Jersey State Senate, District 38. “However, Senator Bob Gordon and the Trenton establishment have made it nearly impossible to attract businesses like Amazon, by raising taxes and fees and implementing job crushing regulations, year after year. Our crumbling roads and infrastructure, and the failure of the NJ Transit system contribute to our worst-in-the-nation business climate.”
Amazon’s second headquarters would create nearly 50,000 jobs and provide additional tax revenue to state and local municipalities.
“As a small business owner, I know first hand how difficult it is to do business in New Jersey. If we are to attract multi-national companies like Amazon, we need to act quickly and it starts with changing our elected representation in Trenton,” charged Langschultz. “Bob Gordon has no plans to grow our economy, because Bob Gordon has never signed the front of a paycheck, rather he’s always cashed his tax-payer funded governmental salary.”
“If elected, I will fight to cut taxes, fees, and regulations so that we can attract businesses like Amazon, creating tens of thousands of new jobs and bringing in new tax revenues to our state,” said Langschultz. “We need bold leadership in Trenton dedicated to improving our economy. Unfortunately, our current Senator is more beholden to the special interests and Trenton lobbyists, than he is to you. This November, you can change that by changing who represents you.”
Kelly Langschultz, candidate for New Jersey State Senate, District 38, is a mom of four young children, community leader serving on the New Milford Town Council, small business owner, and former President of the Education Fund.
September 16,2017
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Ridgewood NJ, New estimates from the American Community Survey which is billed as the premier source for detailed information about the American people and workforce , suggest New Jersey lost about 13,000 people from 2015 to 2016, which would reverse several years of slow growth since the state was decimated by the housing crisis in the mid-to-late-2000s.
If this holds New Jersey may have lost population for the first time in a decade . Household formation is one of the key economic drivers . A loss of population could lead to further economic stagnation, a reduced tax base and a potential loss of a congressional district.
While many debate the issue analysis by NJ Advance Media (NJ.COM) shows about 226,000 people moved out of the state between 2015 and 2016, about 30,000 less than the total who moved to the Garden States from within the country and abroad.
With a historically low birth rate, New Jersey’s growth in recent years has hinged upon immigration . However the number of people leaving keeps growing, stagnating the state’s population on the cusp of nine million.
Poll after poll list New Jersey as the state most people want to leave . High taxes, particularly property taxes, estate taxes , high cost of living , state corruption and limited job opportunities are all sighted as reasons to flee New Jersey.
Posted September 04, 2017 at 07:00 AM | Updated September 04, 2017 at 07:04 AM
By Erin Petenko | NJ Advance Media for NJ.com
New Jersey’s private sector gained roughly 65,000 employees and 6,000 new establishments between 2015 and 2016, in line with the national average. It’s an improvement over the previous year, where the economy grew by only 55,000 jobs.
But annual wages increased slower here than in the rest of the country — residents gained an extra $429 per year, compared to the national average of $627.
Service-related industries dominate the state, employing nearly nine out of 10 New Jersey workers, while the manufacturing industry has experienced a long-term decline. By sector, education and health services gained the most employees, followed by professional services and the trade, transportation and utilities sector.
But what specific industries had the most growth? NJ Advance Media compared private industry data from the Bureau of Labor Statistics to learn what industries gained the most employees from 2015 to 2016.
file photo by Boyd Loving
Updated July 18, 2017
Posted July 18, 2017
By Samantha Marcus | NJ Advance Media for NJ.com
So where in your county do property taxes hurt the most?
Last month, we showed you which towns in New Jersey had the highest property tax burdens, which is to say, those where the average property tax bill takes up the biggest share of median household income.
Here, we pulled out the top towns from each of New Jersey’s 21 counties.
New Jersey has the nation’s highest property taxes, but it’s much worse in some parts of the state than others. For example, Cumberland’s pain index is far lower than other counties. Top towns in eight counties did not crack our top 30 list for property tax pain.
Some of the state’s 565 municipalities were excluded from our analysis, as the median income margin of error was too high because of the American Community Survey’s small sample size.
Here’s the county-by-county list.
