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, a new study conducted by Rice University economists John W. Diamond and George R. Zodrow for the National Association of Manufacturers says the Biden tax hikes could cost the economy 1 million jobs in just two years.
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Mahwah NJ, The New Jersey Chamber of Commerce opposes legislation (S-2902/A-4402) which would impose a new tax on financial transactions, such as electronic stock trades, that flow through major data centers in New Jersey.
Simply put, the tax could backfire on New Jersey. The mere discussion of this tax has caused several stock exchanges to begin exploring moving their data centers out of New Jersey – to states that don’t impose such a tax. Last month, the New York Stock Exchange, which has a data center in Mahwah, N.J., said it ran one of its exchanges from a back-up data center in Chicago to demonstrate its readiness to move out of New Jersey. Two other exchange operators, Nasdaq Inc. and Cboe Global Markets Inc., also indicated that they would leave New Jersey over the tax. If New Jersey loses data centers, the state would actually be looking at less revenue and less jobs.
Continue reading Financial Transition Tax Will Drive Data Centers Out of New Jersey
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TRENTON NJ, The negative impact of the Covid-19 pandemic on New Jersey’s economy resulted in a record number of monthly job losses and widespread unemployment in April. The mandatory shut down of business activities and stay at home orders to prevent the spread of the virus contributed to total nonfarm employment plummeting by 757,700 jobs in April, while the state’s unemployment rate soared to 15.3 percent, according to estimates released by the U.S. Bureau of Labor Statistics. Both the private (-750,100) and public (-7,600) sectors of the state’s economy recorded losses. The decrease in nonfarm payrolls and the increase in the unemployment rate both represent record-setting monthly shifts for the state.
Continue reading NJ Unemployment Rate Surges to 15.3 Percent
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Trenton NJ, The New Jersey Department of Labor has distributed $1.9 billion in income-supplementing benefits since the COVID-19 pandemic began in mid-March, and this week saw new unemployment claims for the period surpass 1 million, an all-time high.
In the seven weeks since COVID-19 hit New Jersey in mid-March, 1,018,785 unemployment claims have been filed, by far the most ever recorded for a similar period.
Continue reading NJ Unemployment Payouts Approach a Staggering $2 Billion
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New York NY, according to New York City Comptroller Scott Stringer ,more than 900,000 working New York City residents or one in five working New Yorkers will have lost their jobs by the end of June.
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Ridgewood NJ, according to the latest Johns Hopkins Center for Health Security email a new poll found that nearly 1 in 5 of US workers have either lost their jobs or work reduced hours as a result of the COVID-19 epidemic in the United States. The poll—conducted by NPR, PBS News Hour, and Marist Poll—asked respondents a broad scope of questions, including perceptions of the President and state governments and their handling of the coronavirus response and the impact of the pandemic. In total, 18% of respondents have been fired or had their hours reduced due to the COVID-19 pandemic. Notably, this impact was greater in respondents earning less than $50,000 per year (25%) and those living in small cities or suburban areas (23%). The survey was conducted March 13-14, so it does not account for the spate of recent increases in social distancing across the country, including school closures, limiting restaurants to takeout or delivery, or the shelter in place order in the San Francisco Bay area.
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Trenton NJ, Two more jarring statistics were released yesterday regarding New Jersey’s economy. First, the U.S. Bureau of Labor and Statistics estimated that New Jersey lost 7,700 jobs in February. The state lost 9,300 private sector jobs, as the total number was offset by job gains in the taxpayer funded public sector.
Second, the Society of Certified Public Accountants (NJCPA) released an internal poll of 500 New Jersey CPAs, where 70% said they believe Governor Murphy’s budget will harm the State’s economy. A measly 23% viewed the State’s economy as “good” and only 12% think it will get better.
Continue reading Governor Murphy Time to Look At The Numbers And Wake Up
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Parsippany NJ, Conagra Brands, the food giant that purchased Parsippany-based Pinnacle Foods for nearly $11 billion in October, is the second company in as many weeks looking for greener pastures . The company is closing a pair of Pinnacle facilities, according to a federal WARN notice — potentially costing 500 people their jobs.
Conagra, Chicago-based maker of products such as Healthy Choice and Orville Redenbacher’s, said in two separate notifications that it is closing office facilities at 399 Jefferson Road in Parsippany and 121 Woodcrest Road in Cherry Hill. The Parsippany property had served as headquarters for Pinnacle, maker of brands such as Duncan Hines, Vlasic and Birds Eye.
WARN Notice : offers protection to workers, their families and communities by requiring employers to provide notice 60 days in advance of covered plant closings and covered mass layoffs. This notice must be provided to either affected workers or their representatives (e.g., a labor union); to the State dislocated worker unit; and to the appropriate unit of local government.
Conagra Brands, Inc. Parsippany Date 03/22/2019 layoffs 308
Conagra Brands, Inc. Cherry Hill Date 05/24/2019 layoffs 196
Submitted by Tyler Durden on 09/08/2015 06:14 -0400
After the Fed admitted over a year ago that the US unemployment rate (which in 2012 was supposed to be a rate hike “threshold” once it hit 6.5% and is now at 5.1%) has become irrelevant in a country where a record 94 million people have left the labor force, and with the Fed poised to hike rates even though US hourly wages have not only not increased for the past 7 years, but for the vast majority of the labor force continue to decline, some have asked – is there any labor-related chart that matters any more?
The answer: a resounding yes, only it is none of the conventional charts that algos and sometimes humans look at.
The one chart that matters more than ever,has little to nothing to do with the Fed’s monetary policy, but everything to do with the November 2016 presidential elections in which the topic of immigration, both legal and illegal, is shaping up to be the most rancorous, contentious and divisive.
The chart is the following, showing the cumulative addition of foreign-born and native-born workers added to US payrolls according to the BLS since December 2007, i.e., since the start of the recession/Second Great Depression.
AUGUST 22, 2015, 6:03 PM LAST UPDATED: SUNDAY, AUGUST 23, 2015, 12:29 AM
BY CHRISTOPHER MAAG AND MARINA VILLENEUVE
STAFF WRITERS |
THE RECORD
One day after authorities say Fort Lee resident Kevin Downing shot a security guard and then himself inside a federal building in Manhattan, a contradictory image emerged Saturday of Downing as a man by turns warm, sad, distant and obsessed, an Army veteran whose once-bright future gradually dimmed in a series of personal setbacks.
In the late 1990s, Downing was fired after working briefly for the Bureau of Labor Statistics, instigating a 16-year campaign in which he accused the agency of retaliating against him for acting as a whistle-blower. The agency has offices in the same building where the shooting occurred, leading many to believe the attackwas related to Downing’s long-simmering complaints.
The FBI, New York Police Department and the Department of Homeland Security have released little information about the investigation. All the agencies declined to comment Saturday on motives or details in the case.
Kelly: Call to newsroom gave no hint at violence
AUGUST 23, 2015 LAST UPDATED: SUNDAY, AUGUST 23, 2015, 12:36 AM
BY MIKE KELLY
RECORD COLUMNIST |
THE RECORD
On an otherwise ordinary Wednesday morning in April, my phone rang.
Kevin Downing of Fort Lee was on the line with a cry for help and a story of hardship — a story I had no idea would take a deadly turn four months later.
Without any apparent warning, Downing, 68, walked into a federal office building in lower Manhattan on Friday, and fatally shot a security guard. Moments later, Downing turned his gun on himself.
This is every journalist’s nightmare — an out-of-the blue phone call from someone who seems entirely rational at the time, yet is harboring a deep and hidden pain that could one day explode into violence.
It is the kind of nightmare that many others face, too — from parents, coaches and teachers to cops, clergy, health care professionals and even mayors and lawmakers. In short, anyone whose job involves listening to someone with a problem.
https://www.northjersey.com/news/kelly-call-to-newsroom-gave-no-hint-at-violence-1.1396879
