A recession declaration before Election Day just got more likely.
After growing 7.4% in the last quarter of 2021, Save Jerseyans, we found out this week that New Jersey’s economy contracted in the first quarter (January through March) of 2022 by 2.2%. 46 of the 50 U.S. states saw their economies shrink over the same period.
New Jersey’s decline – the 18th worst in the nation – was worse than the downturns experienced in Pennsylvania (-2.0%), New York (-1.3%), and Delaware (-1.4%) and 0.6% worse than the national average of -1.6%.
The most popular definition of a recession is two consecutive quarters of negative economic growth. Many experts believe the U.S. has already crossed that threshold based upon various indicators.
