|
(Subscription may be required to open this article)
Soft Landing or No Landing? Fed’s Economic Picture Gets Complicated.
Instead of the “soft landing” that many economists thought was underway in late 2023 – a situation in which inflation slows as growth gently calms without a painful recession – analysts are now increasingly wary that America's economy is not landing at all. Rather than settling down, the economy appears to be booming as prices continue to climb more quickly than usual. A “no landing” outcome might feel pretty good to the typical American household. Inflation is nowhere near as high as it was at its peak in 2022, wages are climbing and jobs are plentiful. But it would cause problems for the Federal Reserve, which has been determined to wrestle price increases back to their 2% target, a slow and steady pace that the Fed thinks is consistent with price stability. (The New York Times)
Fewer Americans File for Jobless Claims Last Week As Labor Market Continues To Shrug Off Higher Interest Rates
Fewer Americans applied for jobless benefits last week as the labor market continues to thrive despite the Federal Reserve’s efforts to cool it. The Labor Department reported Thursday that filings for unemployment claims for the week ending April 6 fell by 11,000 to 211,000 from the previous week’s 222,000. In March, U.S. employers added a surprising 303,000 jobs, yet another example of the U.S. economy’s resilience in the face of high interest rates. The unemployment rate dipped from 3.9% to 3.8% and has now remained below 4% for 26 straight months, the longest such streak since the 1960s. (The Associated Press)
NJ Transit Board Approves Fare Increases on Trains, Bus and Light Rail
New Jersey commuters face sharp fare increases this summer, after the New Jersey Transit board on Wednesday unanimously approved raising the cost of using the system. Train, bus and light rail fares are set to increase by up to 15% in July. The agency faces a roughly $1 billion shortfall in its 2026 budget, NJ Transit board members said. (NJ Spotlight News)
The Biden Administration Targets Substances in US Drinking Water
The Biden administration on Wednesday announced the first-ever national limits on “forever chemicals” in drinking water, a move that will require utilities serving roughly one in three Americans to remove the substances from their taps. The action comes with a $1.5 billion annual price tag, at least some of which will be footed by ratepayers. (POLITICO)
Join Us for the 13th Annual N.J. Chamber Challenge Cup Golf Outing
May 20 will be a day of camaraderie and connections at the elegant Bedens Brook Club in Skillman. The outing features 18 holes of golf as well as networking at our pre-golf lunch reception and post-golf reception and awards ceremony. To register and to view sponsorship opportunities, click here. (N.J. Chamber of Commerce)
|
