Economic & Recovery Update: News Release: 11/1/2022

November 1, 2022

Content Curated By Scott Goldstein



  • Job openings hit 10.7M despite Fed attempts to cool economy.


  • N.J. has the worst rated business tax climate in the nation.


  • Elections 2022: Early voting is underway in New Jersey.

Job Openings Hit 10.7M Despite Fed Attempts to Cool Economy

U.S. job openings rose unexpectedly in September, suggesting the labor market isn't cooling as fast as inflation fighters at the Federal Reserve hoped. Employers posted 10.7 million job vacancies in September, up from 10.3 million in August, the Labor Department said Tuesday. Economists had expected the number of job openings to drop below 10 million for the first time since June 2021. (The Associated Press)


After Hot Jobs Report, Stocks Turn Lower Amidst Concerns the Federal Reserve Will Continue Interest Rate Increases

Stocks gave up early gains and turned lower on Wall Street after an unexpectedly strong report on the job market raised concerns that the Federal Reserve will need to keep the pressure on inflation with aggressive interest rate increases. (The Associated Press)


New Jersey Has the Worst Rated Business Tax Climate in the Nation

A report that ranks business tax climates across the country puts New Jersey at the bottom of the list for having the worst business tax climate of any state in America. A policy tax analyst for the Tax Foundation and co-author of the 2023 State Business Tax Climate Index, said states that do poorly in the rankings “are states that have very complex tax codes and states that have very high rates, and New Jersey has both of those in almost every tax category.” (New Jersey 101.5)


Elections 2022: Early Voting is Underway in New Jersey Amid Low-Key Publicity for It

There are roughly 140 polling places in New Jersey where residents can vote in person during the state's nine-day early voting period that began Saturday. Tuesday is the deadline to apply for a vote-by-mail ballot. (NJ Spotlight News)


Rusckowski Retires as CEO of Quest Diagnostics

Steve Rusckowski steps down as CEO of Quest Diagnostics on Tuesday, retiring after more than 10 years in the role. He will serve as chairman until the end of the first quarter in 2023, working to ensure a smooth transition to his successor, Jim Davis. (ROI-NJ)


Seven Ways Small Business Can Prepare for Black Friday

Creating a marketing plan, checking your inventory, and bringing on additional staff will ensure your small business is ready for Black Friday. Here is a guide. (U.S. Chamber of Commerce)


Seton Hall Opening Welcome Center in Newark’s Gateway Complex

Seton Hall University is expanding its presence in Newark, opening a satellite space and welcome center at the Gateway complex in the city. An open house preview is scheduled for Nov. 9, before the university’s first home men’s basketball game at Prudential Center. (ROI-NJ)


N.J. Chamber’s Atlantic City Business Summit & Expo to Return

The N.J. Chamber of Commerce announced it will host another two-day Summit & Expo, March 14-15 at Harrah’s Resort in Atlantic City. It will provide a multiday program of information and tools that businesses can use to grow their bottom lines. “The 2022 summit was a hit, and we expect next year’s to be bigger and better,” N.J. Chamber President Tom Bracken said. (ROI-NJ)

This Thursday

Nov. 3 - DEI Trailblazer Awards Reception

Walking the Walk: Celebrate New Jersey's Champions of Diversity

We will recognize N.J. companies that are demonstrating real progress in diversity, equity and inclusion. Join the N.J. Chamber and African American Chamber of N.J. at the Olde Mill Inn in Basking Ridge for networking, cocktail hour and an award ceremony. For more information and to register, click 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

Surviving a Recession (U.S. Chamber of Commerce)


Vaccine Guide for Businesses (U.S. Chamber of Commerce)


Election Day is Nov. 8 (U.S. Chamber of Commerce)


General Pandemic Information (State of N.J.)


Business Funding Opportunities Provided by the State (State of N.J.)


Starting a Business in N.J. (New Jersey Business Action Center)


Becoming a Government Contractor (State of N.J.)


Recognizing Cannabis Impairment at Work  (State of N.J.)


Emergency Preparedness (N.J. 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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