Despite increased investments by the state, New Jersey’s public-worker pension fund has lost value and you can blame volatility in the financial markets. The State Investment Council has released the latest figures on investment returns. While the final numbers aren’t yet out for the fiscal year that ended on June 30, preliminary numbers show the fund’s returns have fallen. Read more about the health of the pension fund here.
The U.S. economy shrank for the second quarter in a row, as gross domestic product fell 9/10 of 1%. The closely-watched GDP report is considered the broadest measurement of the economy. This number provides solid evidence that the economy is weakening and is raising recession fears, though some economists say the economy is not in a recession yet because the job market remains healthy.
New Jersey has reached a settlement with two companies on allegations they engaged in the discriminatory practice of redlining. The settlement is with Trident Mortgage Company and the real estate brokerage Fox and Roach. According to the state attorney general’s office, an investigation found that Trident, which used to be one of the Camden area’s top mortgage lenders, engaged in redlining in Camden, Burlington, and Gloucester counties by failing to provide adequate credit to residents in communities of color. Trident has agreed to provide more than $20 million in loan subsidies and other relief, as part of a multistate settlement.
