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Forever unemployed: Why N.J.’s long-term jobless rate remains among highest in U.S.

17417223-mmmainAlain Chahine lost his job two years ago. Since then, he said, he has completed more than 600 applications and sent 200 messages to his network looking for leads. Those efforts produced 18 interviews in 2013, 35 more in 2014 and 12 so far this year, Chahine said. But the number of full-time job offers to… Read the rest of this entry »

Posted: April 6th, 2015 | Author: | Filed under: Economy, New Jersey | Tags: , , , , | Comments Off on Forever unemployed: Why N.J.’s long-term jobless rate remains among highest in U.S.

Demand pushing Jersey Shore rental prices higher as peak weeks sell out

assetContentBeachgoers hoping to spend a week at Gary Hunsinger’s home on Philadelphia Avenue in Lavallette this summer are out of luck: the Jersey Shore property advertised online as just 100 yards from the beach has been booked solid from the first Saturday in June through the end of August. Hunsinger, of Westfield, said he had 10… Read the rest of this entry »

Posted: March 27th, 2015 | Author: | Filed under: Economy, Jersey Shore, Monmouth County | Tags: , , , , , , | Comments Off on Demand pushing Jersey Shore rental prices higher as peak weeks sell out

Bankers Brought Rating Agencies ‘To Their Knees’ On Tobacco Bonds

money-500x250This story was co-published with Marketplace. When the economy nosedived in 2008, it didn’t take long to find the crucial trigger. Wall Street banks had peddled billions of dollars in toxic securities after packing them with subprime mortgages that were sure to default. Behind the bankers’ actions, however, stood a less-visible part of the finance industry… Read the rest of this entry »
Posted: December 24th, 2014 | Author: | Filed under: Economy | Tags: , , , , , , , , , , | Comments Off on Bankers Brought Rating Agencies ‘To Their Knees’ On Tobacco Bonds

One-Third Of U.S. Children Live In Poverty

In a new paper released by the National Center for Children in Poverty (NCCP), a research center at Columbia University’s Mailman School of Public Health, researchers find that many children living in large cities in the U.S. are living in poverty. Nearly 3 in 5 children in Detroit are poor, and this rate has grown by… Read the rest of this entry »
Posted: December 7th, 2014 | Author: | Filed under: Economy | Tags: , , , | 3 Comments »

Why the Republican victory is good for markets

republicansThe Republicans have taken control of the U.S. legislative agenda for the next two years if not longer, and that has political and market implications up until 2016 and likely beyond. Let’s see how they handle this role, given the divisiveness within the party itself and the fact that it did not really run on a…

Posted: November 9th, 2014 | Author: | Filed under: 2014 Elections, 2016 Presidential Politics, Economy | Tags: , , , , | Comments Off on Why the Republican victory is good for markets

Banks Should Defer Bonuses 10 Years: Fed Official


Fed Res official(Reuters) – Banks should defer bonus payments for 10 years and tap the bonus pool to pay any regulatory fines, a top Federal Reserve official said on Monday, taking aim at continued lapses across the industry even after the 2007-9 financial crisis. New York Federal Reserve Bank President William Dudley said banks should move toward paying… Read the rest of this entry »
Posted: October 20th, 2014 | Author: | Filed under: Economy, Federal Reserve Bank, News | Tags: , , | Comments Off on Banks Should Defer Bonuses 10 Years: Fed Official

Guadagno Visit to TechLaunch Sparks Small Business Week Enthusiasm

Guadagno Visit to TechLaunch Sparks Small Business Week Enthusiasm (via NJ Tech Weekly)

New Jersey Lt. Gov. Kim Guadagno visited the TechLaunch (Clifton) accelerator on May 6, 2014, bringing her own special brand of excitement and marketing know-how to the young companies participating in the 16-week boot camp program. She dropped by TechLaunch…

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Posted: May 19th, 2014 | Author: | Filed under: Christie Administration, Economy, Kim Guadagno | Tags: , , , , | Comments Off on Guadagno Visit to TechLaunch Sparks Small Business Week Enthusiasm

NJ budget suffers another setback with $600M hole in April

NJ budget suffers another setback with $600M hole in April (via NJ.com)

TRENTON — New Jersey’s budget will take a big hit in April to the tune of $600 million, state officials announced today, warning that one of the best months for tax collections has been seriously behind Gov. Chris Christie’s expectations. The…

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Posted: April 29th, 2014 | Author: | Filed under: Chris Christie, Economy, New Jersey State Budget | Tags: , , | 4 Comments »

Depressing scene at Brookdale Job Fair

By Art Gallagher
[email protected]

Hundreds of middle-aged people looking for work at Brookdale this morning. April 4, 2014

Hundreds of middle-aged people looking for work at Brookdale this morning. April 4, 2014

When I was readying to leave the house this morning,  my wife asked if I was working on a story.  “No, I’m looking for a job,” I replied.  Her head snapped up in surprise. In all the years she’s known me I’ve never said those words.  I’ve always been the owner, or early in our relationship, an unmanageable top producing salesman.

The truth is I wasn’t sure what I was doing when I headed into the job fair at Brookdale Community College this morning.  I met a NJ.com reporter who got the ax yesterday, effective in September, in the overflowing parking lot outside of Collins Arena.  “Working a story or looking for a job?” I asked him.  “A little of both,” he replied before getting called away to cover a fatal car accident in Howell.

I was doing a little of both too. I’m having more fun building this business, MMM, than I had in building any of the others I’ve built or help build, but the revenue is not coming fast enough.  If the big media companies are contracting, there’s no harm in taking a look at what is out there, especially if I can make a story out of it and meet potential advertisers.

“Ha, you’re here looking for advertisers,” a recruiter from Town Square Media said to me when I introduced myself and asked her what an Integrated Sales Person was. She got me, but if Town Square wants to buy MMM, give me a radio show, blog and a fat check, I’ll listen.  An Integrated Sales Person sells ad for websites, radio shows and other mediums, I found out.  I’m now looking for one of those.  The recruiter either wasn’t aggressive or quickly sized me up as not a good fit. Probably both.

The Asbury Park Press’s recruiter was telling visitors to their booth that they weren’t hiring until they finish their across the street move in Neptune. Why were they there? Gannett would have to write a really big check and give me more authority than any corporate nudnik would consider in order to get me to fix that mess.

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Posted: April 4th, 2014 | Author: | Filed under: Art Gallagher, Asbury Park Press, Brookdale Community College, Economy, Education, Monmouth County | Tags: , , , , , , , , | 14 Comments »

Tax revenues indicate that New Jersey’s economy is on the upswing

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New Jersey’s tax revenues exceeded projections for the seventh consecutive month and income tax collections were the highest ever in June, even without a “millionaires tax.”

The Treasury Department announced yesterday, that income tax collections in fiscal 2013 were 12.4% higher that in fiscal 2012 (the fiscal year ends on June 30) and sale tax collections increased 3.7%.

The State’s fiscal 2013 revenue collections through June totaled $25.6 billion, $1.58 billion higher than in fiscal 2012.

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Posted: July 26th, 2013 | Author: | Filed under: Declan O'Scanlon, Economy, New Jersey, New Jersey State Budget | Tags: , , , , , | 1 Comment »