Leading Indicators show NJ holding up better than PA/DE. (job market, tax)

[MoorestownResident]

From the Federal Reserve Bank of Philadelphia, NJ is forecast for no growth through the 2Q of 2009 versus contraction for both PA and DE.


http://www.philadelphiafed.org/resea...ndexes0908.pdf

[CuCullin]

Wow - thats good news, imho, and along the lines of what I expected (I actually thought there would be a bit of shrinkage)

Good for NJ

[MoorestownResident]

The index for September came out yesterday so expect October's to look worse. But it shows that NJ has a relatively healthier and more diversified economy versus surrounding states. Building permits also increased in NJ in Sept.

[clevedark]

But it will be bad next year when the financial people get no bonuses. Thing will start shriveling up.

[davenj08]

yes, economy has always been stronger in NJ than PA or DE. there are more industries hence more job creation. and then the spill-over of NYC job market which makes it even better.

[lastinshow]

These days, I'll believe it when I see it.

[colleeng47]

Originally Posted by clevedark

But it will be bad next year when the financial people get no bonuses. Thing will start shriveling up.

I know the NJ Dept. of Taxation depends on those big Wall Street bonuses for a good part of their tax base. Doesn't look too good for this year, though.

[MoorestownResident]

They're getting bonuses, just not as much.

[Lusitan]

Keep your fingers crossed. If the tax burden on NJ residents increases beyond the insane level it already is (NJ ranks as the highest tax burden in the nation) it might push NJ over the economic cliff. People will only tolerate so much taxation abuse.

[bryson662001]

NY and PA are always dragged down by the "upstate" factor which tends to be depressed (particularly in NY). NJ is so small it doesn't have that to worry about. Compare NJ to the urbanised (downstate) parts of NY and PA and things don't look as good.