NJ Economy Poised For Growth First Half Of 2012, Report Shows
More good news for the economic recovery. 47 states, including New Jersey are predicted to see their economies grow over the next six months according to a report by the Philadelphia Fed.
“New Jersey has shown a very strong beginning to 2012,” said James Hughes, dean of the Edward J. Bloustein School of Planning & Public Policy at Rutgers New Brunswick.
He said the first two months of this year the state achieved job growth equal to half of all of 2011.
“There were certain sectors of the economy that grew, there has been job growth in the healthcare industry, technology and hospitality and leisure fields. At the same time government employment has been flat or may decline over the next six months.”
Hughes said the only factor that could derail New Jersey’s economic recovery is a major external shock such as last year’s tsunami that brought surging energy costs.
“The real potential speed-bump in the job recovery highway would be a continued rise in energy costs and that is linked to the Iran situation.”
Hughes said this is the first time in six years where we can be optimistic about the next six months.
“The first couple months of this year we have only seen sustained improvement.”