“The Northeast region’s economy is really dependent on the Northeast corridor, particularly linking Washington, Baltimore, Philadelphia, New York and Boston,” Hughes said. “Once you stop a project it’s very difficult to start again.”
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NJ’s employment, economic numbers look bad. Can Sherrill fix that?
“I would not be surprised to see other states start to experience rapid increases as employment growth nationally continues to slow and/or decline,” Irving said in an email.
North Jersey inflation rose 3.4% in 2025. How it compares to nation
“Things are definitely cooling,” said Will Irving, a professor at the New Jersey State Policy Lab at Rutgers University.
“A lot of tariff uncertainty likely contributed to slow hiring in 2025 even as the lower-than-originally-announced tariff levels took less of a bite out of economic growth than many expected,” he said.
NJ unemployment rate hits 4-year high amid cooling job market
“Things are definitely cooling,” said Will Irving, a professor at the New Jersey State Policy Lab at Rutgers University.
“A lot of tariff uncertainty likely contributed to slow hiring in 2025 even as the lower-than-originally-announced tariff levels took less of a bite out of economic growth than many expected,” he said.
New Jersey’s business outlook for 2026: What you need to know
“New Jersey has a tough road ahead of it,” Hughes said. “It took a long time for us to move into that negative business position, so I think the road out is going to be long as well.”
Stagnating national jobs market raises economic concerns
Irving said he’ll be tracking jobs numbers closely in coming months. New Jersey’s unemployment rate is 5.2% — that’s higher than the national rate — and Irving noted the state has in recent years been a bellwether for what is coming to the rest of America.
NJ Job Losses Reach 16K For 2025; What Does 2026 Hold?
“We may start seeing signs of a recession, but that doesn’t mean we’re in a recession,” he told NJ101.5. “The economy is constantly flowing, changing. I don’t see us at the moment being in recession. But there clearly is potential for that.”
Could layoffs in NJ preview a recession for 2026?
“Things have been tepid for quite a while,” he said, “but this notion that we may be coming toward a recession? We’re looking at sort of middle of next year — at least a recession as you might want to define it at the state level, where we start to see significant job declines.” said Will Irving.
New Jersey is Now in a Recession and it May Get Worse, Moody’s Analyst Says
“We may start seeing signs of a recession, but that doesn’t mean we’re in a recession. The economy is constantly flowing, changing. I don’t see us at the moment being in recession. But there clearly is potential for that,” Pfeiffer said.
How would Ciattarelli, Sherrill handle NJ’s big economic hurdles as governor?
Some of those issues — like Trump’s tariffs and the rise of AI displacing portions of the labor market — “certainly pose challenges that would be hard to combat via state policy alone,” said Will Irving, a professor at the New Jersey State Policy Lab at Rutgers University.