Effects of Recession Would be Short and Mild in NJ, Report Suggests

February 9, 2023 | njspotlightnews.org

A new report concludes that if New Jersey were to be hit with a recession, the downturn would be short and mild, according to Charles Steindel, former chief economist for the state Department of the Treasury. His assessment was prepared for the Steve Sweeney Center for Public Policy. Steindel concludes that strong growth in personal income for the state’s residents this year would serve as a cushion in an economic downturn.

The assessment was prepared for Steve Sweeney Center for Public Policy at Rowan Univ.

NJ SEED: This report and others suggest that if NJ is to experience an economic recession the effects will be mild and recovery fairly rapid.