Business Report: Economic outlook, sports betting, stimulus payments

Federal Reserve projects the U.S. economy will grow 6.5% this year

Rhonda Schaffler, Business Correspondent | March 17, 2021 | Budget, Business Report

The economic outlook is brighter, according to the U.S. Federal Reserve. The Fed projects that the U.S. economy, as measured by GDP, will grow 6.5% this year. That’s stronger than previous expectations. And the Fed is predicting the nation’s unemployment rate will fall to 4.5%.

New Jersey’s sportsbooks took in less money in February, despite the Super Bowl being played that month. Total bets were $743 million, the lowest total since August. In-person gambling in Atlantic City also showed weaker numbers, with revenue from the tables and slots dropping 32% in February compared to a year ago.

A large number of stimulus payments were supposed to land in bank accounts on Wednesday, as part of the latest federal COVID-19 relief package. The IRS will continue sending out payments over the next few weeks.

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