From the Courier Post:
Regional manufacturing index near zero
Manufacturing in the region is lukewarm this month as companies wait for inventories of unsold goods to melt away, according to a key survey released Thursday.
The index for general activity was near zero, as were indicators for new orders, shipments and employment, according to the Business Outlook Survey by the Federal Reserve Bank of Philadelphia.
Those findings came as no surprise to Philip Kirschner, president of the New Jersey Business & Industry Association.
“The economy is in a holding pattern,” he said. “Manufacturers are waiting to see what’s going to happen.”
Economists monitor the survey closely as a bellwether of what to expect in other regions and sectors.
Energy prices continued to present a significant challenge for manufacturers, with 30 percent of companies reporting higher input prices this month.
“We get comments about electricity costs, crude oil costs and transportation costs,” said Mike Trebing, Fed senior economist.
Kirschner said energy prices were a common lament at Thursday’s Made In New Jersey Day in Trenton, where manufacturers displayed wares ranging from gelato to leather briefcases.
“We expect most manufacturers will hang in there but growth will be sluggish,” he said.
From the NY Post:
Corzine cites New Jersey competition after meeting manufacturers
Gov. Jon S. Corzine said New Jersey manufacturers face serious competition from across the world, but expressed hope lower business taxes and innovative ideas will keep industry viable in the state.
Corzine met with manufacturers from across the state Thursday, observing products and mingling with business owners in the Statehouse hallways during the New Jersey Business & Industry Association’s annual “Made in New Jersey Day.”
Manufacturing in New Jersey is going to have as tough a time as we have in America,” the governor said afterward. “In general, we have serious competition from the Far East and other places in the world that have lower costs of labor.”