NJ’s Wealth Index Down, But Improving [AUDIO]
New Jersey's economy has been sick for a long time, but it is starting to recover lately at a faster pace. That's according to new report from a Morristown investment firm.
Regent Atlantic Capital's "New Jersey Wealth Index" stands at 28 right now. A score of 50 is considered healthy. Regent's Chris Cordaro says high unemployment in the state and lagging personal income are keeping the number low.
"But we're heading in the right direction, as we have sort of bounced off the bottom from the great recession."
He says strong stock prices for Jersey firms, such as Johnson and Johnson are the biggest positive in the index right now. Cordaro say the good news is the index has gained more in the past six months than at any time since the 2007 economic downturn.
Regent will take another look at New Jersey's economy in October.
The full report can be found online.