U.S. jobless claims hit an eight-month high Thursday, according to the latest weekly data. Economists say it’s a clear sign that layoffs are increasing. This week retail giant Walmart laid off a few hundred corporate employees and some tech companies have also recently announced job cuts.
A survey from Newark-based Prudential Financial found most people are worried about inflation and 74% of respondents said they expect a recession or economic downturn within the next two years. “This concern is definitely widespread … In fact, half of all Americans worry about money each and every day,” said Caroline Feeney, CEO of Prudential’s U.S. Insurance & Retirement Businesses. “And even more, seventy percent of them, are worried about their long-term financial security.”
Two state senators are introducing a bill they hope will counter the recent surge in car thefts in New Jersey this year. Sens. Richard Codey (D-Essex) and Anthony Bucco (R-Morris) say the state is on track to have more than 17,000 stolen vehicles this year. Their bill will expand and increase penalties for stealing or receiving vehicles, including new penalties for juveniles, who they say have been recruited by organized car-theft rings.
State officials say there is no need to expand a natural-gas pipeline in the state, opposing a pipeline development project proposed by Transco. The Board of Public Utilities and the state Division of Rate Counsel said in a recent filing with federal regulators that the state has enough pipeline capacity and consumers shouldn’t have to pay for an expansion. But gas utility companies disagreed, saying the extra capacity is needed. You can find out more about how they differ here.
