Economic Recovery & Reopening Update: 6/15/2022

NJ Chamber
Economic Recovery & Reopening Update
June 15, 2022
Content Curated By Scott Goldstein
  • Biggest rate hike in years expected as Fed tackles inflation.
  • Young children are finally on deck to get COVID-19 vaccines.
  • International workers are back in force at the Jersey Shore.
Biggest Rate Hike in Years Expected as Fed Tackles Inflation
The Federal Reserve is expected Wednesday to announce its largest interest rate hike since 1994 – a bigger increase than it had previously signaled and a sign that the central bank is struggling to restrain stubbornly high inflation. The central bank is considered likely to raise its benchmark short-term rate by three-quarters of a percentage point, far larger than the typical quarter-point increase, to a range of 1.5% to 1.75%. It will also likely forecast additional large rate hikes through the end of the year. (The Associated Press)
Retail Sales in May Slip 0.3% Amid Surging Inflation
Americans cut their spending unexpectedly in May compared with a month before, underscoring how surging inflation on daily necessities like gas is causing them to be more cautious about buying discretionary items. U.S. retail sales fell 0.3% in last month, down from a revised 0.7% increase in April, according to a government report released Wednesday. (The Associated Press)
Young Children are Finally on Deck to get COVID-19 Vaccines
After months of delays, federal officials seem poised to approve COVID-19 vaccinations for a population that has lacked any immunization options to date: children 6 months to 5 years old. A panel of vaccine experts is scheduled to review data Wednesday on products by Pfizer and Moderna that drugmakers say are safe and lower the risk of infection, hospitalization and death in young children. (NJ Spotlight News)
International Workers are Back in Force at the Jersey Shore
Over the last two summers, Morey’s Piers and Beachfront Water Parks in Wildwood struggled to keep everything open with access to far fewer J-1 workers than in other years. Now they’re back to pre-pandemic levels of staffing, with a third of their seasonal jobs going to international students on J-1 visas. (NJ Spotlight News)
Airline Bookings Dip as Fares Keep Rising, Research Firm Says 
Airline fares have jumped 47% since January and remain higher than they were before the pandemic, which could be leading to a slowdown in the number of seats airlines are booking. Bookings for flights within the U.S. fell 2.3% in May compared with April, research firm Adobe Digital Insights said Tuesday. The value of those sales rose 6%, however, to $8.3 billion, because of price increases. (The Associated Press)
Amtrak to Increase Speed on Acela Line in the Garden State
A 16-mile segment of track between New Brunswick and South Brunswick will accommodate speeds of up to 150 miles per hour, Amtrak announced Tuesday. These speeds are as fast as any train in North America, and match top speeds on rails in parts of Massachusetts and Rhode Island. (ROI-NJ)
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.
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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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