South Jersey Business Outlook Shows Slow Growth [AUDIO]

The latest Rutgers/Camden business school quarterly economic outlook contains more of the same: continued slow growth and cautious business spending.

Luke Tilley of the Federal Reserve Bank of Philadelphia says they have seen moderate economic improvement over the past year or so in South Jersey and some modest job creation. He says there is still uncertainty over what next year will bring with tax changes and federal spending cuts.

Tilley told us, "The uncertainty of that, where that is going forward, has businesses sort of on the sidelines and waiting to see how that gets resolved. Because if you don't know what tax rates are going to be going forward, both for businesses and for consumers, that will definitely keeps people on the sidelines. They want to wait and see about the outcome."

Tilley says a lot of firms are still a bit hesitant to make new investment and to create jobs, even though, it is still going on.

He says, "Going forward, I think that a lot of firms are still a bit hesitant to make new investment and to create jobs, even though it is still going on."

Tilley says a retailer at the forum also talked about consumer spending habits right now, saying shoppers remains a little hesitant, but they are still spending.