What’s ahead, economically, for New Jersey and the nation as we head into the last quarter of 2023? Some of the headwinds that frustrated business owners and executives for most of the past two years – supply chain and logistics disruptions, inflation, the threat of a recession – seem to have abated somewhat. At least the threats don’t seem as grave as they did 12 months ago.
Nonetheless, significant challenges remain. A downturn still can’t be ruled out. While the Federal Reserve held interest rates steady at its most recent meeting, the cost of borrowing is not likely to be reduced any time soon. And uncertainty in Washington, D.C., and Trenton could weigh on growth with critical elections coming up over the next two years.
As always, Chris Maher has some answers. Maher is the chairman and CEO of OceanFirst Financial, a director of the Federal Reserve Bank of Philadelphia and a former chair of the New Jersey Bankers Association. In this edition of NJBIZ Conversations, Maher analyzes the factors driving the economy now and identifies areas of potential trouble.