What’s in store for the New Jersey economy for the rest of this year? It turns out nobody is quite sure because right now there’s a hodgepodge of different economic signals. Rutgers University economist James Hughes said as is often the case, “we have really...
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James W. Hughes
Economists question lawmakers’ plans to address inflation
As consumers nationwide grapple with increases in the cost of rent, gas, and groceries, New Jersey lawmakers have offered a slew of plans they say will address skyrocketing inflation. Sales tax holidays on certain items, moratoriums on toll increases, and a revamp of...
Consumers in ‘very sour mood’ as inflation outpaces wages
The prices of gas, home energy and food all spiked by double digits over the past month, but wages aren't keeping up, with annual inflation now topping 9%. "It’s leading to a very sour mood,” said James W. Hughes, dean emeritus at Rutgers University’s Edward J....
NJ gas prices are trending down but experts are worried
Rutgers economist James Hughes said even if President Joe Biden is able to convince Congress to freeze the 18.4 cent a gallon federal gas tax for the next few months and Gov. Phil Murphy agrees to suspend the state gas tax (an idea he has rejected so far) “that would...
Lonely Last Days in the Suburban Office Park
“It was absolutely shocking to many people that you would take an office building and knock it down, like we used to knock down factories,” said James W. Hughes, a professor at Rutgers. “Now it’s routine.” But in many places, that idea is still settling in. It will...
Why are Ocean, Monmouth counties growing while the NJ overall population shrinks?
The COVID-19 pandemic heavily influenced New Jersey residents' housing choices between 2020 and 2021, said James Hughes, dean emeritus of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University. Fears of catching the virus in crowded...
NJ economic outlook – Will prices keep spiking?
As we head into the second half of 2022, what is the economic outlook for New Jersey? The state’s top economist said a number of variables are pulling us in many directions. Rutgers University economist James Hughes said inflation is embedded for the time being, with...
Higher inflation and interest rates? No problem so far for New Jersey’s job market
The monthly jobs report, compiled by the U.S. Bureau of Labor Statistics, is made up of a survey of employers to measure the number of jobs and a survey of households to measure the unemployment rate. April's report showed the state's job market continues to rapidly...
A big interest rake hike is coming: What it means for NJ residents
The Federal Reserve is expected to announce a half a point interest rate increase on Wednesday afternoon, which will send mortgage and credit card rates higher, and increase the cost of getting a home equity loan. According to Rutgers University economist James...
N.J. tax revenues are shockingly high as we’re slammed by inflation. Here’s what’s behind it all.
New Jersey tax revenues have taken a wild ride over the past two years, and collections for the state’s major taxes are reaching historic highs. Gov. Phil Murphy’s administration says it expects to collect nearly $47 billion in taxes for the current fiscal year that...