Experts: 246,000 jobs at stake in NJ

October 21, 2008 3:28:57 PM PDT
New Jersey could lose as many as 246,000 more jobs before financial conditions improve. That's according to two of New Jersey's leading economic experts.

James W. Hughes and Joseph Seneca of Rutgers University are looking at prior recessions to forecast the impact of the current downturn.

They both testified before a New Jersey Senate budge panel Monday.

Hughes is telling lawmakers that the current slump will likely continue at least through March 2010 and possibly until February 2011.

He says the state's housing market has not yet hit bottom.

Seneca testified on how much tax revenue the state can expect to lose in coming months. He says 2008 will likely see the first decline in consumer spending since 1991.

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