Business Report: Economic outlook brightens, focus on governance, TD Bank closing branches

An updated economic projection from the Congressional Budget Office takes a brighter view. The CBO is now projecting that the economy will bounce back strongly this year, as COVID-19 vaccines roll out and the impact from the last stimulus package takes hold. But even with this bounce back, the recovery in jobs is going to take longer. Rutgers University Professor James Hughes, dean emeritus of the Edward J. Bloustein School of Planning and Public Policy, believes New Jersey won’t regain all the jobs lost during the pandemic until 2022 to 2023.

With a new state budget set to be introduced this month, there’s a focus on governance in Trenton. Critics say important bills like that multibillion dollar tax incentive plan are being fast-tracked through the Legislature. Additionally, some bills are getting amendments at the last minute and advocates say there’s a need for more public testimony. Legislative leaders are vowing to do better.

With more people banking online, fewer are going into local bank branches. And that’s one reason why TD Bank plans to close 81 branches nationwide, including 13 in New Jersey. The TD branches will close in late April.

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