N.J. credit rating cut record ninth time as Moody’s cites pension shortfall

IMG_5189TRENTON — Moody’s Investors Service has downgraded New Jersey’s debt rating, dealing the Garden State its record ninth ratings cut since Gov. Chris Christie took office. The ratings drop by one notch, from A1 to A2, on $32.2 billion worth of bonds underscores the state’s “weak financial position and large structural imbalance, primarily related to continued… Read the rest of this entry »

Posted: April 17th, 2015 | Author: | Filed under: 2016 Presidential Politics, Chris Christie, Economy, Moodys, New Jersey State Budget | Tags: , , , , , | 1 Comment »

Thousands of jobs lost in N.J. in March, including losses in the trades

assetContent (73)New Jersey shed 6,400 jobs in March, according to new federal data, with the biggest losses posted in trade, transportation and utilities and professional and business services. The state’s unemployment rate ticked up last month as well, increasing to 6.5 percent, the preliminary data released by the state labor department on Thursday shows. That’s up from… Read the rest of this entry »

Posted: April 16th, 2015 | Author: | Filed under: Economy, New Jersey | Tags: , , | 1 Comment »

Forever unemployed: Why N.J.’s long-term jobless rate remains among highest in U.S.

17417223-mmmainAlain Chahine lost his job two years ago. Since then, he said, he has completed more than 600 applications and sent 200 messages to his network looking for leads. Those efforts produced 18 interviews in 2013, 35 more in 2014 and 12 so far this year, Chahine said. But the number of full-time job offers to… Read the rest of this entry »

Posted: April 6th, 2015 | Author: | Filed under: Economy, New Jersey | Tags: , , , , | 1 Comment »

Demand pushing Jersey Shore rental prices higher as peak weeks sell out

assetContentBeachgoers hoping to spend a week at Gary Hunsinger’s home on Philadelphia Avenue in Lavallette this summer are out of luck: the Jersey Shore property advertised online as just 100 yards from the beach has been booked solid from the first Saturday in June through the end of August. Hunsinger, of Westfield, said he had 10… Read the rest of this entry »

Posted: March 27th, 2015 | Author: | Filed under: Economy, Jersey Shore, Monmouth County | Tags: , , , , , , | Comments Off

Christie tells N.J. business leaders he will work to make state more affordable

WASHINGTON — Gov. Chris Christie drew a fresh line against raising new taxes in a speech tonight to New Jersey’s business community. “As long as I’m here, we’re not going to make the state less affordable,” Christie said in delivering the keynote address at the 78th annual New Jersey Chamber of Commerce congressional dinner, part of… Read the rest of this entry »

Posted: February 19th, 2015 | Author: | Filed under: 2016 Presidential Politics, Chris Christie, Christie Administration, Economy, New Jersey, New Jersey State Budget, News | Tags: , , , , , , | 4 Comments »

Mercedes USA leaving New Jersey for Atlanta; 1,000 workers affected

Georgia-Welcome-Sign-550x412MONTVALE, N.J. — In the latest in a string of corporate departures from northern New Jersey, Mercedes-Benz USA Tuesday confirmed rumors that after 43 years here, it is moving its headquarters to Atlanta to achieve the “profitable growth and efficiencies we require for the decades ahead.” Mercedes-Benz USA CEO Stephen Cannon said in a statement that… Read the rest of this entry »
Posted: January 7th, 2015 | Author: | Filed under: Economy, New Jersey, News | Tags: , , | 1 Comment »

Bankers Brought Rating Agencies ‘To Their Knees’ On Tobacco Bonds

money-500x250This story was co-published with Marketplace. When the economy nosedived in 2008, it didn’t take long to find the crucial trigger. Wall Street banks had peddled billions of dollars in toxic securities after packing them with subprime mortgages that were sure to default. Behind the bankers’ actions, however, stood a less-visible part of the finance industry… Read the rest of this entry »
Posted: December 24th, 2014 | Author: | Filed under: Economy | Tags: , , , , , , , , , , | Comments Off

N.J.’s income gap has widened significantly since 2000, report shows

assetContent (5)TRENTON — The income gap between New Jersey’s wealthiest residents and all other groups has widened significantly since the turn of the century, and grew worse after the recent Great Recession lifted, according to a new report. Only the top 20 percent of households in the state has seen their average income increase since the recession… Read the rest of this entry »
Posted: December 21st, 2014 | Author: | Filed under: Economy, New Jersey | Tags: , , , | Comments Off

N.J. revenue growth lags behind Christie projections

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State Treasurer Andrew Sidamon-Eristoff testifies before Assembly Budget Committee on Governor Christie’s announcement yesterday to grab $2.43 billion meant for the pension system to balance the state budget. Trenton, NJ 5/21/14 (Tony Kurdzuk/The Star-Ledger)

TRENTON — New Jersey’s revenue, which last month was on track to meet Gov. Chris Christie’s forecasts, has fallen behind the 5.2 percent growth rate built into this year’s budget, according to a new report released today. After November tax collections fell behind the governor’s expectations in a number of areas, the growth rate through the… Read the rest of this entry »

Posted: December 12th, 2014 | Author: | Filed under: Chick-fil-A, Christie Administration, Economy, New Jersey State Budget | Tags: , , , | Comments Off

One-Third Of U.S. Children Live In Poverty

In a new paper released by the National Center for Children in Poverty (NCCP), a research center at Columbia University’s Mailman School of Public Health, researchers find that many children living in large cities in the U.S. are living in poverty. Nearly 3 in 5 children in Detroit are poor, and this rate has grown by… Read the rest of this entry »
Posted: December 7th, 2014 | Author: | Filed under: Economy | Tags: , , , | 3 Comments »