Despite a good 2019, businesses’ enthusiasm about their prospects in the coming year is the lowest since before the 2008 recession, NJBIA President and CEO Michele Siekerka told NJTV Business Correspondent Rhonda Schaffler during a face-to-face interview.
While companies reported positive results for sales, profits and employment for 2019, they were lower than last year. And while more businesses expect to do well in 2020 than not, the outlook is not as positive as it was heading in to 2019.
“Our businesses tell us they foresee a recession coming in the next year or two,” Siekerka said. “But if you think about the costs that they have had added to the cost of doing business in just the last year alone—increased minimum wage, paid sick leave, expanded family leave—that bears a burden on New Jersey business and particularly small business.”