Jones Lang LaSalle
N.J. economy shows signs of slowing
By JEFFREY GOLD
The Associated Press
NEWARK -- Economic growth in New Jersey slowed in the first three months of the year -- burdened by an increase in initial unemployment claims, the Federal Reserve Bank of Philadelphia reported Monday.
The regional bank's latest monthly forecast projected moderate economic growth of 2.2 percent through the end of the year.
"Basically, the first quarter in New Jersey was a little slower on most measures, but overall, the economy is in pretty good shape," said a bank economist, vice president Theodore M. Crone.
Initial unemployment claims in March were 40,988, up about 300, he said.
The housing industry continued cooling, with new home permits up 0.5 percent in March, to 2,261, from February, Crone said.
"Housing was a big driver previously, and now it's going to level off," as it is doing nationally, he said. "It is sort of the exhaustion of a rapid expansion."
The state unemployment rate dropped to 4.5 percent in March, from 4.7 percent in February, with nonfarm employment rising to 4,069,000 in March, from 4,065,000.
The New Jersey unemployment rate remained below the national average, which dropped from 4.8 to 4.7 percent in March.
Another indicator of economic activity, average hours worked by manufacturing employees, remained steady at 42.4 per week.
The bank's forecast that the Garden State economy will grow by 2.2 percent from March through December is the lowest rate since 1.5 percent was predicted in December.
The bank's nine-month forecasts, issued each month, have generally been above 2 percent growth since last March. The forecast in February saw 2.3 percent growth over the following nine months, and 2.9 percent in January.
The bank's index of current economic activity rose 0.3 percent from February to March, within the range of recent months. The economy has grown by 1 percent in the last three months and by 3 percent in the last year.
The 3 percent growth trailed the national average of 3.2 percent, Crone said.
from the Courier News website www.c-n.com
N.J. economy shows signs of slowing
By JEFFREY GOLD
The Associated Press
NEWARK -- Economic growth in New Jersey slowed in the first three months of the year -- burdened by an increase in initial unemployment claims, the Federal Reserve Bank of Philadelphia reported Monday.
The regional bank's latest monthly forecast projected moderate economic growth of 2.2 percent through the end of the year.
"Basically, the first quarter in New Jersey was a little slower on most measures, but overall, the economy is in pretty good shape," said a bank economist, vice president Theodore M. Crone.
Initial unemployment claims in March were 40,988, up about 300, he said.
The housing industry continued cooling, with new home permits up 0.5 percent in March, to 2,261, from February, Crone said.
"Housing was a big driver previously, and now it's going to level off," as it is doing nationally, he said. "It is sort of the exhaustion of a rapid expansion."
The state unemployment rate dropped to 4.5 percent in March, from 4.7 percent in February, with nonfarm employment rising to 4,069,000 in March, from 4,065,000.
The New Jersey unemployment rate remained below the national average, which dropped from 4.8 to 4.7 percent in March.
Another indicator of economic activity, average hours worked by manufacturing employees, remained steady at 42.4 per week.
The bank's forecast that the Garden State economy will grow by 2.2 percent from March through December is the lowest rate since 1.5 percent was predicted in December.
The bank's nine-month forecasts, issued each month, have generally been above 2 percent growth since last March. The forecast in February saw 2.3 percent growth over the following nine months, and 2.9 percent in January.
The bank's index of current economic activity rose 0.3 percent from February to March, within the range of recent months. The economy has grown by 1 percent in the last three months and by 3 percent in the last year.
The 3 percent growth trailed the national average of 3.2 percent, Crone said.
from the Courier News website www.c-n.com
posted by Jones Lang LaSalle NJ News Blog at 8:39 AM
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