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The New Jersey Business & Industry Association recently completed their 2006 Business Outlook Survey. The survey found that New Jersey employers are deeply concerned about the near-term outlook for the State and the overall national economy. They are anticipating a slowdown in economic activity at all levels.
âFor the State and national economies, a new pessimism has replaced last yearâs relative optimism. In 22 years of available survey data, this marks one of the most dramatic shifts from optimism to pessimism in a single year,â? NJBIA President Philip Kirschner said.
39% of respondents expect US economic conditions to deteriorate in the first six months of 2006 and only 21% anticipate improvement. Expectations are similarly downbeat for the New Jersey economy, with 39% expecting conditions to worsen and only 18% anticipating improvement.
It should be noted that the survey was conducted just as Hurricanes Katrina and Rita were battering the Gulf Coast which had an immediate and negative cost impact on businesses and consumers across the country.
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