How Does NJ’s Economy Look For 2012? [AUDIO]

Will it be positive or negative news for New Jersey's economy in 2012?

A group of economists sized up the state's recovery during a panel in Middlesex County.

The good news is that the state's economy is starting to gain some traction. The bad news is that its moving at a slower pace than many would like.

Charles Steindel, state economist for the New Jersey Treasury Department, says despite Europe's financial troubles, there is hope for next year.

"We think 2012 will be a little stronger and a lot of that hinges on the national and international situation."

He says the state's economy should produce better sales and profits next year as well, "New Jersey is keeping pace with the rest of the nation in terms of jobs and income."

Steindel says New Jersey is making progress towards a full recovery, but unfortunately we just aren't there yet.

"Consumers are faced with tight budgets and limited job security, they are holding on tighter to their money, governments are trying to reduce their debt and banks are cautiously lending."