Economic & Recovery Update: News Release: 11/4/2022

November 4, 2022

Content Curated By Scott Goldstein



  • U.S. employers are hiring briskly even in face of rate hikes.


  • Fed chair: Rate hikes may slow, but inflation fight is hardly over.


  • Pfizer study says updated COVID-19 boosters rev up protection.

U.S. Employers are Hiring Briskly Even in Face of Rate Hikes

U.S. employers kept hiring in October, adding 261,000 positions, a sign the economy remains a picture of solid job growth and painful inflation. Friday’s jobs report showed that while hiring was brisk, the month's overall gains declined from 315,000 in September. The unemployment rate rose from a five-decade low of 3.5% to a still-healthy 3.7%. (The Associated Press)


Fed Chair: Rate Hikes May Slow, but Inflation Fight is Hardly Over

Fed Chair Jerome Powell suggested the Fed may decide in coming months to slow its aggressive interest rate hikes. Yet he made clear the Fed isn’t close to declaring victory in its fight to curb an inflation rate that has shown few signs of ebbing. (The Associated Press)


Pfizer Study Says Updated COVID-19 Boosters Rev Up Protection

Pfizer’s updated COVID-19 booster significantly revved up adults’ virus-fighting antibodies, the company said Friday, releasing early findings from a rigorous study of the new shots. The FDA said the latest data should spur more Americans to get the updated booster – especially before another expected wave of cases as people travel for Thanksgiving. (The Associated Press)


Gov. Murphy Joins New Campaign to Encourage Consumers to Buy Weed from a Legal Business, Not on the Street

Gov. Murphy, who led the fight for recreational cannabis in New Jersey, added his name to a new industry effort to encourage marijuana users to buy weed from legal businesses rather than on the street. He is the first elected official to join a national campaign launched Thursday by the U.S. Cannabis Council, marijuana trade associations, and several cannabis businesses. (


Pension Costs are Latest Threat to N.J.'s Notorious Property Taxes

Local governments are again preparing to pay more to cover employee pension costs, presenting another big challenge for officials aiming to hold the line on N.J.'s record-high property-tax bills. The total cost of funding pension benefits for municipal and county workers in N.J. is set to rise in 2023 by nearly 10%, according to figures made public by the state Treasury. (NJ Spotlight News)


PSEG May Cut Offshore Wind Investment

The hesitation over continuing its investment in the projects appears to be over whether the company would profit more from investing in building offshore wind transmission systems than spending money to produce electricity from offshore wind turbines. Read more here. (NJ Spotlight News)


Paying Yourself: Here's How to Calculate a Business Owner’s Salary

Every business owner needs to pay themselves, but how much should your salary be and when should you be paid? Use these calculations to determine your pay. (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. (

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.
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.
Facebook  Twitter  Linkedin