From the APP:
New Jersey employers are recruiting aggressively to fill job openings, but clouds are beginning to build, which could force them to temper their enthusiasm, a new economic report shows.
The U.S. Conference of Mayors report found an economy performing at its strongest level in a decade. But higher oil prices, rising interest rates and the fading impact of federal tax cuts could slam on the brakes for the Garden State.
The outlook was from the mayors’ annual report that looked at data from 2017 and 2018 and forecasts through 2022. It was expected to be presented Friday at the mayors’ annual meeting in Boston.
New Jersey has been enjoying a rare dose of good economic news.
The suburban state, long hurt by the migration of the millennial generation to cities, has shown signs of life. The past year, it added 58,600 jobs. And its employment growth rate of 1.4 percent ranked 18th nationwide, beating its three neighbors, according to data from the U.S. Bureau of Labor Statistics.
Employers appear to be in good spirits. A survey by the New Jersey Bankers Association found 42 percent said the state’s economic health is “good,” compared with 15 percent who said the same two years ago.