Economic Recovery & Reopening Update: 7/28/2022

NJ Chamber
Economic Recovery & Reopening Update
July 28, 2022
Content Curated By Scott Goldstein
  • NJ Chamber on why the Legislature is the last hope for business.
  • Pennsylvania drops its state corporate tax while NJ stands by.
  • US economy shrinks for a second quarter, raising recession fear.
N.J. Chamber on Why the Legislature is the Last Hope for Business
"States across U.S. are using federal pandemic relief to help strengthen their business climates. New Jersey should, too," N.J. Chamber President Tom Bracken wrote in an op-ed today. "We urge the members of the state Legislature to step in and act. Make an investment in our business community" (ROI-NJ)
Pennsylvania Drops its State Corporate Tax, While N.J Stands By
Pennsylvania is lowering its Corporate Tax from the current 9.99% – a figure not changed since 1995 – to 8.99% this year. Some in New Jersey are asking the obvious question: Why not here? Pennsylvania Gov. Tom Wolf made it clear that he felt being fair to business would be a strength for all. (ROI-NJ)
U.S. Economy Shrinks for a Second Quarter, Raising Recession Fear
The U.S. economy shrank from April through June for a second straight quarter, contracting at a 0.9% annual pace and raising fears that the nation may be approaching a recession. The decline that the Commerce Department reported Thursday in the gross domestic product — the broadest gauge of the economy — followed a 1.6% annual drop from January through March. Consecutive quarters of falling GDP constitute one informal, though not definitive, indicator of a recession. (The Associated Press)
As Markets Struggle, So Does New Jersey's Pension Fund
Due to volatile financial markets, the pension fund appears to be in danger of having its first full fiscal year with net negative returns in more than five years, but retirees won't see any change in benefits. (NJ Spotlight News)
Eight Signs that It's Time to Update Your Business Plan
You should update your business plan more frequently than you might think. Here are the signs that it’s time to update your business plan. (U.S. 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. (
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Business Resources
Vaccine Guide for Businesses (U.S. Chamber of Commerce)
Guide to Starting a Business in N.J. (New Jersey Business Action Center)
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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