Economic & Recovery News Release: 6/16/2022

New Jersey Chamber of Commerce
NJ Chamber
Economic Recovery & Reopening Update
June 16, 2022
Content Curated By Scott Goldstein
  • Business leaders welcome property tax relief for residents, but call for more relief for businesses.
  • Federal Reserve's aggressive rate hikes could lead to a recession.
  • How do companies retain employees these days?
NJ Residents Would Get Bigger Property Tax Rebates Under Plan Announced by Gov. Murphy and Top Democrats in the Legislature
Business leaders noted that the property tax relief does not include businesses, even though they pay nearly half the state’s property taxes. The New Jersey Chamber is calling for more grants, payroll tax relief, and child care aid in the state budget. "The pandemic has left lingering issues in the business community – capital shortage, labor shortage, and inflation – that we must address," N.J. Chamber President Tom Bracken said. (
Read the N.J. Chamber Press Statement. (N.J. Chamber of Commerce)
Read more about the property tax relief program. (N.J. Governor's Office)
Federal Reserve's Aggressive Rate Hikes Could Lead to a Recession
Federal Reserve Chair Jerome Powell has pledged to do whatever it takes to curb inflation, which is at a four-decade high and has been defying the Fed’s efforts to tame it. It seems doing so may require the one painful thing the Fed has sought to avoid: a recession. Economic history suggests that aggressive, growth-killing rate hikes could be necessary to finally control inflation. Typically, that is a prescription for a recession. (The Associated Press)
This is How a Higher Fed Rate Could Affect Your Finances
Record-low mortgages are long gone. Credit card rates will likely rise. So will the cost of an auto loan. Savers may finally see a noticeable return. Read more about the consequences of the Fed's rate hikes. (The Associated Press)
How Do Companies Retain Employees These Days?
Flexible schedules, healthy atmosphere, competitive salaries. We asked N.J. Chamber members: How do you retain employees these days? Read what they said. (N.J. Chamber of Commerce)
PHOTOS: Hundreds of N.J. Chamber Members Gather at the State Museum for our 25th Annual 'Open House'
Business and state government leaders filled the galleries and the outdoor mall of the New Jersey State Museum in Trenton on June 9 for the New Jersey Chamber of Commerce's 25th Annual Open House. See pictures here. (N.J. Chamber of Commerce)
RESCHEDULED: N.J. Chamber's 'Helping Small Business Grow' Webinar Series
Rescheduled to June 21 at 9 a.m.:
How Small Businesses Can Cope with Inflation
Find out what you can do to manage the challenges of an inflationary economy with guest speaker Tom Sullivan of the U.S. Chamber of Commerce. For more information and to register for this free webinar on this new date, June 21, click here. If you have already registered for this webinar, you have been automatically re-registered for the new date and time. (N.J. Chamber of Commerce)
Join the N.J. Chamber's Drive for Equality: Sign Up for Our 'Supplier Diversity Collaborative' and Work Towards Real Change
By signing your company's name to the N.J. Chamber's 'Supplier Diversity Collaborative,' you will strengthen the business community’s commitment to hiring a diverse group of suppliers and contractors. Expanding a commitment to working with New Jersey's minority-, women- and veteran-owned businesses is good for business on many levels. More information here. (N.J. Chamber of Commerce)
Looking to Get Vaccinated? Here's an Easy Way to Find COVID-19 Vaccines Near You.
Just punch in your area code. You can even search for a specific vaccine. (
Were you forwarded this newsletter? For more information about the N.J. Chamber, email [email protected]
Business Resources
Reopening Playbook for Employers (U.S. Chamber of Commerce)
Vaccine Guide for Businesses (U.S. Chamber of Commerce)
Guide to Starting a Business in N.J. (New Jersey Business Action Center)
Jobs and Hiring Portal Job Seekers | Employers (State of N.J.)
The Best Tool for Your Business - Membership in the N.J. Chamber
The N.J. Chamber provides members with guest speakers, webinars, networking opportunities and discount programs that help businesses grow. The N.J. Chamber also advocates for pro-growth and pro-business legislation.
You are welcome to share this newsletter via email, social media or on your organization's website. Please credit the New Jersey Chamber of Commerce with a link to
The New Jersey Chamber of Commerce is staying on top of pandemic and economic recovery developments. For news media requests, please email Scott Goldstein.
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New Jersey Chamber of Commerce | 216 West State StreetTrenton, NJ 08608