While there are worries about inflation, higher interest rates and what’s next for the economy, New Jersey’s economy is still churning out jobs. New federal estimates released by the state Department of Labor & Workforce Development show New Jersey’s unemployment rate fell to 3.9% in May. May also marked the 18th straight month of job creation in the state. New Jersey’s labor market has nearly been made whole since the terrible job losses during the height of the pandemic in 2020; the state has recovered 96% of all the jobs lost due to COVID-19.
Business groups are reacting to Wednesday’s property-tax relief announcement by Gov. Phil Murphy and top legislative leaders. Both the New Jersey Business & Industry Association and the New Jersey Chamber of Commerce say it will improve affordability for residents, but that the state should now direct some of its extra revenue to businesses. Chamber of Commerce president Tom Bracken, a member of the NJ PBS board of trustees, says businesses pay almost half of the overall property taxes in New Jersey and they aren’t getting any relief. On top of that, they’re still dealing with labor shortages, supply chain problems, and now have to contend with higher interest rates after the Federal Reserve hiked interest rates this week.
A coalition of unions and pro-worker groups is asking state leaders to consider allocating funds to hazard pay for essential workers. They want funds to go to workers who were on the job during the worst of the pandemic before COVID-19 vaccines became widely available.
