A burst of hiring in the hospitality sector is one reason behind Friday’s stellar jobs report, which showed the U.S. economy added 311,000 new jobs last month and, once again, was much stronger than expected. This latest monthly report from the federal government comes after a surge of new jobs was reported in January. President Joe Biden on Friday said his administration’s policies have supported economic growth and put more people to work.
“Because of our economic plan, unemployment has been below 4% for fourteen straight months, since January 2022. Last month the unemployment rate remained near the lowest level in 50 years,” Biden said.
On Thursday, Biden unveiled his $6.8 trillion budget proposal for the next fiscal year. It seeks to raise revenue by increasing taxes on the wealthiest Americans and corporations. The proposal also outlines steps to reduce the federal budget deficit. The spending plan includes $700 million for the Gateway Tunnel project. Other funding would be used to expand the federal child tax credit, increase the supply of affordable housing and lower health care costs.
Gov. Phil Murphy’s proposed new state budget isn’t winning over New Jersey’s accountants. Nearly 60% of CPAs surveyed by the New Jersey Society of CPAs say the Murphy budget proposal would leave New Jersey’s economy worse off. Survey respondents said the state needs pension reform and a new school funding formula, among others things. The CPAs also said more should be done for the state’s small businesses.
Legislation advancing in Trenton would help economically disadvantaged small businesses in New Jersey. The bill aims to generate opportunities for those businesses to work directly with the state, by providing them with contracting opportunities. Read more about the legislation here.
