Russia’s invasion of Ukraine has unnerved financial markets. The stock market plunged at the opening, oil prices spiked higher and investors moved money into safer assets, including treasuries issued by the U.S. government. Market watchers are worried about how the conflict will impact the world economy. Russia’s economy would be hurt by sanctions, but sanctions could also exacerbate inflation. Without Russian supplies of food or energy, higher prices could follow, impacting other economies, including that of the U.S.
Legislation to protect New Jersey residents from the effects of inflation at least during tax season will be considered next week by the state Senate Budget and Appropriations Committee. The bill would index state income-tax brackets to annual changes in inflation, like the federal government does, in an effort to prevent what’s known as bracket creep. If New Jersey made this change, it would result in a tax break for residents and less revenue for the state.
Two heavyweights are joining forces to strengthen manufacturing in New Jersey. The New Jersey Manufacturing Extension Program and the New Jersey Business & Industry Association have created a partnership called Manufacturing Counts to advocate for manufacturing businesses. John Kennedy, CEO of the Manufacturing Extension Program, says that tens of thousands of manufacturing jobs in the state continue to go unfilled.
In another step toward energy efficiency in the state, the Board of Public Utilities has signed off on Jersey Central Power & Light’s plan to install smart meters, which are designed to curb energy use and potentially lower customer bills.
