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of the Federal Reserve Bank of New York Bill Dudley
said that New Jersey’s economy is improving"
Jersey’s Economy is Improving
In a speech at Montclair
University in New Jersey this month, President of the Federal
Reserve Bank of New York Bill Dudley said that New Jersey’s
economy is improving. The improvement has been moderate, but
it is there.
Dudley has been on a tour as of late, all of this in an effort
to explain the Federal Reserve Bank of New York to the people
that it affects the most. The tour comes at a time when New
Jersey is facing its highest unemployment rate in three decades.
The current unemployment rate is 9.8 in New Jersey, which is
above the national unemployment rate of 8.1%. New Jersey lost
12,000 jobs in August 2012, but has added 25,000 jobs overall
this year so far.
Dudley also made a scheduled stop at the Morris County Chamber
of Commerce in Florham Park. Following that visit, Dudley toured
a valve manufacturer in Dover and sat down for a roundtable
discussion with Mexican-American businessmen.
During his Montclair University speech, Dudley spoke for nearly
forty-five minutes and then took questions from a captive audience
of students, university officials, and corporate executives
from companies such as TD Bank, Bank of America, PSE&G,
and Sealed Air. Dudley spoke about the impact of the Euro zone
and the fiscal cliff of 2013 on the US economy, explaining that
during the fiscal cliff of 2013 US taxes will rise and government
spending will dramatically lowered. That is, unless Congress
imposes a plan to fix the federal deficit in a way that is less
Dudley supported a recent move on behalf of the Fed to spend
$40 billion per month on mortgage bonds, a move that Dudley
said was necessary considering how slow national economic growth
has been. Without this move, Dudley said, the economy would
remain too weak and not enough improvement would be seen in
employment or business.
Dudley spoke about the housing crisis as well, and its impact
on the current financial state in New Jersey. Although in very
recent months the numbers are starting to look up ever so slightly,
there has been a major impact to the economy from the sagging
housing market and low construction rates. "Things are
improving,” he said, “not as fast as we'd like.
There is still a lot of stress on New Jersey families."
Although the signs in the economy and the housing market are
looking up, the debt rates facing New Jersey families is staggering.
Figures show that as of the end of the second quarter of 2012,
the average debt per person here was $63,000. Delinquency rates
too are high, up from 7.4 percent in 2011 to 8.4 percent in
2012. Clearly, this data shows that many New Jersey families
are still struggling continually to stay afloat.
RE/MAX of Tenafly
Associates lead agents
competing companies in
specialized training and
They dominate the Accredited Buyer Representative (ABR), Certified Relocation
Professional (CRP), Certified Residential Specialist (CRS) and Leadership Training
Graduate (LTG) ranks. Read
About Orly Chen
Chen is a leading
Tenafly real estate agent
in Northern New Jersey
specializing in the Bergen
County area. Her
integrity make Orly
one of the most sought-
after agents in the
Northern New Jersey
real estate market