“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.
Topic
recession
The Continuing Ups & Downs of the Trade Tariff War
“We saw the negative effects during the COVID pandemic when supply chains melted. We were overly dependent on China and other nations for critical components. So, having independence on certain sectors of the economy, with internal supply chains, would be desirable. However, the critical question is: “Will tariffs actually do that?” Hughes said.
NJ saw double the layoffs in first quarter vs last year, even before tariff fears
“We may see the same thing in 2025” because of the impact of Trump’s tariffs, he said. “It almost seems like we’re in another panic.”
Banking giant Barclays cutting 78 jobs in Whippany after earlier layoffs
James Hughes, an economist at Rutgers University, told NorthJersey.com that white-collar jobs in banking and finance have become saturated after a two-year hiring spree that followed the COVID-19 pandemic.
Population is Growing, but College Enrollment is Stalling
“We’re facing the cliff, because those born in ’08 … they’re just entering their high school graduation years,” said James Hughes, Dean Emeritus
‘Extremely concerning’: Recession fears could upend New Jersey’s next state budget
Pfeiffer also pointed out this is something that every state has to deal with and should be “very cautious in the assumptions they make about new revenues and cautious with the assumptions they make on what they do with federally funded programs.”
A new $16 billion rail tunnel will connect New Jersey and New York City
Hughes noted the specific impact of the number of jobs created and the amount of economic activity generated is always hard to predict, “but certainly it will be one of the largest infrastructure construction projects, perhaps ever.”
These companies are cutting more than 4,600 jobs in NJ in 2024
“Certainly, growth has slowed, really in the second half of the year,” said James Hughes, an economist at Rutgers University.
NJ lost 34,000 jobs in the past year. Are there choppy waters ahead?
Those higher-paying sectors — white-collar jobs — became saturated after having a “hard time filling their open positions” coming out of the pandemic, Hughes said. “They’re filled now and they’re holding on to the people they have, but they’re not adding new people,” he said.
Hughes expects NJ to be Waiting for the ‘Immaculate Disinflation’
Dean Emeritus James W. Hughes said a key question now is whether the Fed’s interest rate hikes will create a soft landing with a slow-growth economy, or a hard landing that will “crash” the economy.