Is The Economy Finally Turning Corner In NJ? [AUDIO]
Is the economic recovery turning a corner?
Several recent indicators suggest the answer is yes.
"This is the 45th month of economic recovery since the Great Recession, and we've actually had two years of revised job growth figures - 2011 and 2012 averaged about 2.3 million private sector jobs per year, and that's pretty good. And so far this year, we're on track to even eclipse those two totals, so it looks like job growth finally has some momentum," says Rutgers economist James Hughes.
Hughes says while Jersey is lagging behind the nation's recovery somewhat, over the last 3 years, job growth has moved from ten thousand to thirty-three thousand to over forty thousand, which indicates we are moving in the right direction.
He points out automobile sales are up, we're seeing an improving housing market, and the stock market seems to be defying gravity as it climbs higher and higher.
"However," says Hughes, "The dark cloud on the horizon is the dysfunction in Washington and the federal spending cutbacks, which may well slow growth going forward…It's not going to turn it into another recession, but we might not see job growth at today's current levels."