Economic Recovery & Reopening Update: 7/29/2022

New Jersey Chamber of Commerce
NJ Chamber
Economic Recovery & Reopening Update
July 29, 2022
Content Curated By Scott Goldstein
  • Inflation and wage data suggest U.S. prices will keep climbing.
  • U.S. reaches deal with Moderna for omicron COVID-19 vaccine.
  • NYC's controversial congestion pricing plan is moving forward.
Inflation and Wage Data Suggest U.S. Prices will Keep Climbing
Inflation surged in June and workers’ average wages accelerated in the spring – signs that Americans won’t likely feel any relief from rising prices anytime soon and that the Federal Reserve will feel compelled to further raise borrowing costs. An inflation gauge closely tracked by the Fed jumped 6.8% in June from a year ago, the government said Friday, the biggest jump in four decades. Much of the increase was driven by energy and food. (The Associated Press)
U.S. Reaches Deal with Moderna for Omicron COVID-19 Vaccine
The White House said it has reached an agreement with Moderna to buy 66 million doses of the company’s next generation of COVID-19 vaccine that targets the highly transmissible omicron variant, enough supply this winter for all who want it. The order follows the announcement last month that the federal government had secured 105 million doses of a similar vaccine from Pfizer. The Pentagon said the Moderna contract was worth $1.74 billion. (The Associated Press)
NYC's Controversial Congestion Pricing Plan is Moving Forward
The new toll on drivers entering Manhattan’s central business district is expected to go into effect by the end of 2023. It’s unclear how much the toll will cost – some estimates suggest $16. The Metropolitan Transportation Authority expects to collect about $1 billion annually. The agency on Wednesday said it needs the help. The MTA is projected to run out of money for operating expenses a year earlier than expected, with ridership on the city’s subways slow to rebound in the pandemic. (NJ Spotlight News)
Congress Sends Computer Chip Subsidy Bill to White House
The bill is intended to decrease U.S. reliance on computer chips manufactured in China and other countries. The bill provides more than $52 billion in grants and other incentives for the semiconductor industry as well as a 25% tax credit for those companies that invest in chip plants in the U.S. It calls for increased spending on various research programs that would total about $200 billion over 10 years, according to the Congressional Budget Office. (Yahoo! Finance)
Are You a Modern-Day Manager? Ask Yourself These Questions
This exercise will tell you whether you truly have the skills needed to lead a team of modern workers. (ROI-NJ)
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
Vaccine Guide for Businesses (U.S. Chamber of Commerce)
Guide to Starting a Business in N.J. (New Jersey Business Action Center)
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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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