Gov. Murphy is asking state lawmakers to approve $1 billion in tax hikes; NJ Chamber warns that federal funding cuts would strain NJ budget
Gov. Phil Murphy is asking state lawmakers to approve more than a billion dollars in tax hikes to help support a $48 billion state budget he introduced Tuesday. Murphy is seeking to hike taxes and fees on items including alcohol, marijuana, cigarettes, drones, online gambling and online sports betting, according to budget documents. Murphy also wants lawmakers to expand the list of "services and transactions" subjected to the state’s 6.625% sales tax. Meanwhile the state faces the prospect of federal cuts, said N.J. Chamber CEO Tom Bracken. "There will be a big price to pay if (federal cuts) happen while we simultaneously try to rebuild our economy," Bracken said. "I don't know how we do those things at the same time." (NJ Spotlight News)
US dockworkers ratify 6-year contract, averting a strike
Dockworkers on the U.S. East and Gulf coasts approved a six-year contract Tuesday, averting the threat of a strike that could have crippled the economy. The 'yes' vote was expected after the leadership of the International Longshoremen’s Association union reached a tentative contract agreement in January with the U.S. Maritime Alliance of ports and shipping companies. The alliance approved the contract last month, and on Tuesday rank-and-file members voted for it with nearly 99% in favor, the union said. The contract calls for a 62% pay hike over six years that would lift hourly wages at the top of the union pay scale from $39 an hour to $63 an hour. (The Associated Press)
Pending home sales drop to the lowest level on record in January
High mortgage rates and elevated home prices combined to crush home sales in January. Pending sales, which are based on signed contracts for existing homes, dropped 4.6% from December to the lowest level since the National Association of Realtors began tracking this metric in 2001. Sales were down 5.2% from January 2024. Home prices have been easing over the last few months in certain areas, with more sellers cutting prices, but nationally they are still higher than they were a year ago. (CNBC)
Weekly jobless claims jump to 242,000, more than expected in latest sign of economic softening
Initial filings for unemployment benefits hit their highest level of the year last week in another potential signs of weakness in the labor market. Jobless claims for the week ended Feb. 22 totaled a seasonally adjusted 242,000, up 22,000 from the previous week’s revised level and higher than the Dow Jones estimate for 225,000, according to a Labor Department report. The level of claims matched the highest since early October 2024 and comes amid questions over broader economic growth and worrying signs in recent consumer sentiment surveys. (CNBC)
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Joann closing all stores, going out of business
Bankrupt fabric and craft supplies retailer Joann is set to close its entire roster of stores nationwide after failing to find a buyer to keep the lights on. In a Feb. 22 announcement, the Hudson, Ohio-based chain said going-out-of-business sales would begin immediately as a stipulation of the group that won its assets at auction. (NJBIZ)
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