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NJ Chamber Insider: 4/5/2024

New Jersey Chamber of Commerce

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Horizon Blue Cross Blue Shield of New Jersey

New Jersey Chamber Insider

Business News, Advice and Trends

April 5, 2024

Content Curated By Scott Goldstein

Today's Highlights

  • Entire state of NJ feels what is believed to be 4.8 magnitude earthquake.

 

  • US job growth zoomed in March as payrolls jumped by 303,000 and unemployment dropped to 3.8%.

 

  • NJ takes next step to connect off-shore wind energy to power grid.

Entire State Feels What Is Believed To Be 4.8 Magnitude Earthquake

A magnitude 4.8 earthquake near Tewksbury and Lebanon in Hunterdon County shook New Jersey at 10:23 a.m. this morning, according to the United States Geological Survey. It is too early to determine if there was major damage or injuries. NJ Transit announced rail service is subject to up to 20-minute delays due to bridge inspections. The Holland Tunnel, on social media, announced there will be delays for inspection. Newark Liberty International Airport ordered a ground stop following the quake. (ROI-NJ)

 

US Job Growth Zoomed in March As Payrolls Jumped by 303,000 and Unemployment Dropped to 3.8%

Job creation in March easily topped expectations in a sign of continued acceleration for what has been a bustling and resilient labor market. Nonfarm payrolls increased 303,000 for the month, well above the Dow Jones estimate for a rise of 200,000 and higher than the downwardly revised 270,000 gain in February, the Labor Department’s Bureau of Labor Statistics reported Friday. The unemployment rate edged lower to 3.8%. (CNBC)

 

Here’s Where the Jobs Are for March 2024 — in One Chart

Health care and social assistance were the top sector for job gains – a common theme in recent years – adding 81,300 jobs. Government and leisure and hospitality were the next two strongest sectors, and together these top groups accounted for more than 60% of March’s gains. Notably, the leisure and hospitality sector is now back to its pre-pandemic employment level, according to the Bureau of Labor Statistics. See the chart. (CNBC)

 

NJ Takes Next Step To Connect Off-Shore Wind Energy To Power Grid

With the aim of bringing offshore wind power to customers, a state agency will soon begin considering proposals to build a connection to the existing electric grid. The NJ Board of Public Utilities Thursday closed its solicitation for proposals to begin the second phase of an initiative to bring power from offshore wind turbines to the grid. The work will involve bringing approximately 6 gigawatts of power from a single onshore connection point at the Sea Girt National Guard Training Center to a Jersey Central Power & Light substation in Howell Township. The work is viewed as foundational to help NJ reach its goal of 11 gigawatts of offshore wind by 2040. (NJ Spotlight News)

 

NJ’s Challenge to NY’s Congestion Pricing Plan Now Awaits Ruling

New Jersey’s challenge of New York’s congestion pricing plan is now in the hands of a judge, who heard arguments Wednesday and Thursday. N.J. officials say New York’s first-in-the-nation plan to assess fees – beyond tolls – on vehicles entering Manhattan's central business district, would enrich the city at the expense of New Jersey commuters. Further, it would clog Bergen County and surrounding parts of North Jersey with both the pollution and traffic of motorists looking to dodge the higher tolls. The judge said he’ll issue a ruling by June, when congesting pricing is supposed to start. (New Jersey Monitor)

 

High School Graduation Rate Rose in New Jersey Last Year

New Jersey’s overall high school graduation rate ticked up last year, but the achievements of some groups of students continued to lag. More than 91% of the class of 2023 graduated within four years, the highest rate since the state implemented the current method of measuring graduation rates in 2011, and a slight increase over 2022. The data comes from the state Department of Education’s latest School Performance Reports, released Wednesday. (NJ Spotlight News)

Cornerstone NJ Member News

Johnson & Johnson To Buy Medical Device Maker Shockwave for $13.1B

Johnson & Johnson on Friday announced it will buy medical device maker Shockwave Medical in a deal with an enterprise value of approximately $13.1 billion, including cash acquired. The transaction was approved by both companies’ boards of directors. The deal helps the New Brunswick-based health care giant boost its portfolio of medical devices, specifically those that use shockwaves to break down calcified plaque in heart vessels, similar to how kidney stones are treated. (ROI-NJ)

 

Cooperman Barnabas Medical Center Appoints Chief Nursing Officer

Cooperman Barnabas Medical Center in Livingston, part of RWJBarnabas Health, has named Robin Ferrer chief nursing officer. He will be responsible for all nursing practice and clinical services. Ferrer previously served as vice president of emergency services for the Mount Sinai Health System. In that role, he provided leadership and oversight for seven Mount Sinai emergency departments. He oversaw clinical operations and nursing. (ROI-NJ)

Cornerstone NJ is a membership program of the New Jersey Chamber of Commerce. 

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Business Events

N.J. Chamber Business Roundtable Series

April 10 – A Conversation with the DEP Commissioner & BPU President

The National Conference Center at the Holiday Inn of East Windsor, 8 a.m. to 10 a.m. Network with fellow attendees, then participate in a candid discussion and Q&A with DEP Commissioner Shawn LaTourette and BPU President Christine Guhl-Sadovy. Breakfast is included.

Registration and information

 

N.J. Chamber Virtual Small Business Series

April 17 – Examining Solutions for the Labor Shortage

Virtual Event, 9 a.m. to 10 a.m. Experts will discuss how companies are finding qualified employees.

Registration and information

 

May 20 – N.J. Chamber Challenge Cup Golf Outing

Bedens Brook Club, Skillman

The outing features 18 holes of golf, as well as networking at our pre-golf lunch reception and post-golf banquet, where awards are handed out. Registration and information

 

N.J. Chamber Foundation Event

June 3 – 'Jobs for America's Graduates NJ' Fundraiser at Hudson Farm

Hudson Farm, Andover, 8:30 a.m. to 4 p.m.

This clay shooting competition on 3,800 acres of scenic farmland supports 'Jobs for America's Graduates New Jersey,' a N.J. Chamber Foundation program that changes lives by helping young people build skills and prepare for success in education, employment and life.

Registration and information

 

June 13 – NJ Chamber Open House and Reception

New Jersey State Museum, Trenton

 

Dec. 10 – Annual Member Holiday Party Networking Event

Calandra's Italian Village, Caldwell 5 p.m. to 8 p.m. Free to members

Were you forwarded this newsletter? For more information about the N.J. Chamber, email Patrick.Daily@njchamber.com.

Business Resources

N.J. Economic Development Authority

 

Choose New Jersey 

 

New Jersey Business Action Center

 

U.S. Chamber of Commerce

 

N.J. Small Business Development Centers

 

U.S. Small Business Administration

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 the issues important to business. For news media requests, please email Scott Goldstein.

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