As budget hearings began in the state Legislature, business leaders called for fiscal responsibility and criticized the spending and borrowing put forth in the Gov. Phil Murphy’s budget proposal. Leaders urged lawmakers to eliminate proposals to raise taxes. They also stated the proposed spending plan doesn’t address fixing the state’s economy and provides nothing to the struggling business community.
While parts of New Jersey’s economy are struggling, the state’s manufacturing business is doing quite well. According to the New Jersey Manufacturing Extension program, during the first half of this year, the manufacturing sector retained or created more than 2,100 jobs, even as job growth in manufacturing is lagging nationally. During that same time period, manufacturers reported $245 million in new and retained sales, as many continued operating as essential businesses.
The CEOs of nine pharmaceutical companies Tuesday signed a pledge promising not to seek approval for COVID-19 vaccines under development until late-stage testing proves the shots are safe. The top executives of New Jersey-based Merck and Johnson & Johnson were among those signing the pledge. They stated their pledge will help ensure public confidence in the vaccines.