Economic News

State’s Unemployment Rate Drops to 4.4%, Lowest in Nearly a Decade

TRENTON, N.J. – New Jersey’s unemployment rate dropped to 4.4% in February, the lowest since October 2007, and below the national average of 4.7%.

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Motor Vehicle Sales/Repairs Tops NJ’s 2016 Consumer Complaints List, Banking/Financials Institutions Rank 8th 

NEWARK, N.J. – Attorney General Christopher S. Porrino and the N.J. Division of Consumer Affairs commemorated National Consumer Protection Week by announcing New Jersey’s top 10 consumer complaints from 2016 and highlighting the Division’s initiatives to protect consumers from fraud.

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CUNA Economic Update Focuses on NCUA Stabilization Program

MADISON, Wis. – Hosted by CUNA Chief Policy Officer Bill Hampel, the latest edition of CUNA Economic Update provides a summary of CUNA’s latest white paper, which offers an update on the NCUA Corporate Stabilization Program, an initiative to keep corporate credit unions solvent in the wake of the 2008 financial crisis.

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Americans are Moving at Historically Low Rates, In Part Because Millennials are Staying Put, According to Pew Charitable Trust

Americans are moving at the lowest rate on record, and recently released Census Bureau data show that a primary reason is that Millennials are moving significantly less than earlier generations of young adults.

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Over Past Decade, Savings Habits Eroded, According to Tenth Annual Savings Survey

WASHINGTON – The tenth annual America Saves Week survey revealed that fewer than two-fifths (38%) of American households report good or excellent progress in meeting their savings needs, with over one-quarter (27%) indicating no progress at all. The survey findings were released on the first day of the eleventh annual America and Military Saves Weeks. More than 1,500 nonprofit, government, and business organizations at the national, state, and local levels have joined to promote personal savings.

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Yellen Testimony Matches CUNA Economists’ Outlook for 2017

WASHINGTON – Federal Reserve Chair Janet Yellen testified before the Senate Banking Committee Tuesday and the House Financial Services Committee Wednesday, and her remarks match CUNA economists’ prediction of moderate economic growth in 2017. Perc Pineda, senior economist at CUNA, also predicted rate hikes this year.

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CUNA Economists Forecast Double-Digit Loan Growth in 2017

MADISON, Wis. – Credit unions could see a double-digit increase in lending growth this year based on a CUNA Economic and Credit Union Forecast.

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New Jersey Tops Nation in Foreclosures for the Second Consecutive Year

IRVINE, Calif. – For the second year in a row, New Jersey led the nation in home foreclosures in 2016, even as overall activity ebbed across the U.S.

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State’s Income Gap One of the Widest, and Growing

TRENTON, N.J. – New Jersey now has the nation's seventh highest income gap between richest and poorest residents, according to a report released last week by two policy research groups. Four years ago, New Jersey ranked 11th in income inequality and 14th in 2008, according to these reports.

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N.J. Continues National Lead in Foreclosures

IRVINE, CA – New Jersey continues to lead the country in foreclosures, even though the national average continues to show a dramatic decrease.

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