Over the next few days, we’re going to get a lot of economic data. Recently, the head of one of the U.S. federal reserve banks was gathering data on the shape of northern New Jersey’s economy. John Williams, president and CEO of the Federal Reserve Bank of New York, met with business and community leaders late last week. He said the economy is bouncing back nicely. Williams says the bank is still trying to assess what’s next for the labor market as it’s unclear how much hybrid work will continue. He doesn’t think the Great Resignation will continue and he expects workers will return to their jobs as COVID-19 cases continue to fall.
PSEG is getting out of the fossil fuel business. The energy company announced that it has completed the sale of PSEG Fossil’s generating assets located in both New Jersey and Maryland. The assets were sold for $1.9 billion to a private equity fund run by Boston-based ArcLight Capital Partners. PSEG chairman and CEO Ralph Izzo called the sale a key milestone as the company shifts to clean-energy investments. The sale was announced in the summer but needed regulatory approval. The company expects to complete the sale of additional generating assets in New York and Connecticut within weeks.
The price of oil rose again Monday on worries about a Russian invasion of Ukraine. That has pushed the price of gasoline to $3.60-plus a gallon on average in New Jersey, according to the American Automobile Association.
