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(Percent Change from One Year Earlier)

10%

8%

6%

4%

2%

0%

  • -

    2%

  • -

    4%

  • -

    6%

  • -

    8%

  • -

    10%

1st Qtr.

2nd Qtr. 3rd Qtr. 4th Qtr. 2008

1st Qtr.

2nd Qtr. 3rd Qtr. 4th Qtr. 2009

1st Qtr. 2nd Qtr. 3rd Qtr. 2010

Source: The U.S. Bureau of Economic Analysis

Higher incomes will result in higher spending by New Jersey residents and businesses -- at our stores and on housing and construction -- and by visitors to the State. Higher spending should also be reflected in real job growth. Moderate gains in private sector employment in 2011 and further growth in 2012 appear to be ahead, though gains will not be sufficient to erase the job losses experienced during the recession.

Looking ahead to 2011 and 2012, the prospects are good for barriers to growth to diminish. Income generation should be strong, with New Jersey and New Jersey-area companies and firms continuing to hold their own and contributing higher profits needed to drive the national recovery. Earnings also are rising for Garden State residents who work out of state. The State’s unemployment rate should continue to decline. Joblessness figures already have moved down one full percentage point from their recession peaks. In 2011, we should see unemployment fall because of real growth in the number of jobs available.

5

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