The US gained 64,000 jobs in November but lost 105,000 in October; unemployment rate at 4.6%
The U.S. gained a decent 64,000 jobs in November but lost 105,000 in October as federal workers departed after cutbacks by the Trump administration, the government said in delayed reports. The unemployment rate rose to 4.6% last month, highest since 2021. The November job gains were higher than the 40,000 economists had forecast. The October job losses were caused by a 162,000 drop in federal workers. Labor Department revisions also knocked 33,000 jobs off August and September payrolls. (The Associated Press)
Retail sales unchanged in October, hurt in part by a decline in auto sales
Sales at U.S. retailers and restaurants were unchanged in October from September as consumers moderated their spending amid worries about higher prices and other economic uncertainties. But a big factor dragging down the figure was a 1.6% drop in sales at motor vehicles and auto parts dealerships, hurt by the expiration of federal government subsidies for battery-powered electric cars. Excluding that category, retail sales rose 0.4%, the Commerce Department said Tuesday. The overall flat spending in October was less than economists expected. (The Associated Press)
State Senate panel advances bill that would require more small businesses to give paid family leave
A state Senate committee on Monday advanced legislation to expand New Jersey’s family leave law to businesses with at least 15 employees, down from the current 30-worker threshold. The bill was amended after passing the Assembly in February, which had proposed lowering the threshold to five. Business groups remain opposed, warning the change could discourage hiring and strain small businesses. "New Jersey small businesses are already shouldering some of the highest operating costs in the country, including labor, insurance, property taxes, and compliance obligations," said Amirah Hussain of the N.J. Chamber of Commerce. "Imposing these mandates introduces a new layer of risk and unpredictability." (New Jersey Monitor)
US crude oil drops below $55 a barrel, hits lowest level since early 2021; gas prices fall below $3 per gallon
U.S. crude oil on Tuesday fell below $55 per barrel, hitting the lowest level since early 2021 as traders factor in a looming surplus and the possiblity of a peace agreement in Ukraine. U.S. gasoline prices, meanwhile, have fallen below $3 per gallon to the lowest level in four years, according to the motorist association AAA. The oil market is under pressure this year as OPEC+ members have rapidly ramped up production after years of output cuts. (CNBC)
First Hudson Tunnel Project boring machines are ready for 2026
The Gateway Development Commission announced that manufacturing and testing of the first two tunnel boring machines for the Hudson Tunnel Project are complete. The machines will be shipped to New Jersey and assembled at the base of the Palisades in North Bergen. Components arrive in January, with tunneling set to begin in the spring. The machines will bore two parallel tunnels simultaneously, advancing about 30 feet per day on the New Jersey side of the Hudson River. (ROI-NJ)
NJ Economic Development Authority and CoreWeave announce $20M investment to fund startups at NJ AI Hub
The N.J. Economic Development Authority and CoreWeave announced Monday that they are making a $20 million investment to support a fund for startups at the NJ AI Hub in Princeton. The fund will help startups access capital, overcome challenges, and accelerate growth, strengthening New Jersey’s standing as a leader in AI innovation. The funding comes from the EDA Board and CoreWeave (and affiliated investors), who matched the investment. (BINJE)
N.J. Chamber Small Business Series
How supporting young professionals can strengthen your business. Watch our webinar – now available.
Watch our free webinar on the vital role young professionals play in building stronger, more successful companies, and how to develop your young employees. Board members of the NJ Chamber’s Young Professionals Network, along with an HR executive, share personal experiences and practical insights. Now available on demand. (N.J. Chamber of Commerce)
NJ Chamber Edge
We asked NJ Chamber members to pay tribute to their mentors
"Clive Cummis, the late founder of Sills Cummis, the law firm where I’ve spent my entire career of 36 years, had a profound impact on how I practice law. When I was in college and law school in DC, I would see references in The Washington Post to lawyers who were described as “counselors” and “confidantes” to presidents, congressional leaders and executives. They knew how to give advice at the intersection of law, government and finance – strategic advice beyond the legal answer. As I began my search for a law firm back home in New Jersey, I asked around for the names of local attorneys who fit that description. One name kept surfacing: Clive Cummis. He did not disappoint me – or his clients. Among many unique and valuable lessons Clive taught me is that if I could not get the desired result for a client by working within the law, I should set about changing the law or regulation – so I became a registered state lobbyist to enhance my law practice." – – Ted Zangari, chair, Real Estate Law Department, Sills Cummis & Gross, PC. Read more here. (N.J. Chamber of Commerce)
Meet the 2026 Power Players – the business leaders shaping New Jersey
BINJE, the business publication, has unveiled its 2026 Power Players list – the more than 100 CEOs, principals, managing partners and executive directors shaping business in New Jersey. These are the leaders to watch – and to meet. You can meet them Jan. 13, when BINJE recognizes them at The Heldrich Hotel in New Brunswick for the ultimate networking event to kick off the year. The N.J. Chamber is serving as event planner. Register here. (BINJE)
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