2018 New Jersey Economic and Business Outlook with Ryotaro Tashiro

ATLANTIC CITY, N.J. – The Regional Economic Advisor for the Federal Reserve Bank of Philadelphia, Ryotaro Tashiro, spoke with the New Jersey Credit Union League (NJCUL)'s 84th Annual Meeting and Convention attendees Monday afternoon about the state of New Jersey's economy and business outlooks.

Tashiro presented detailed data and trends relating to New Jersey's state of the economy and business including GDP, employment conditions, housing conditions, migration trends, inflation, and nonetary policy.

Key takeaways from Tashiro's discussion included:

  • Future expectations from both consumer and business surveys remain high, and the forecast for GDP growth remains optimistic, around 2.5-3.0% throughout the year.

  • Employment growth continues to be solid in the nation and our region with low levels of unemployment.

  • Housing market continues to recover in NJ, but average prices are likely to grow slowly until REO properties clear out of the market.

  • Recent migration trends show slowdown in purchasing power in NJ, which could lead to slower growth.

  • Given the continued solid performance of the labor market, a number of FOMC members have revised their expectations of the FF target path upward.

Additional photos from NJCUL's 84th Annual Meeting and Convention can be found on the League's official Facebook page.