Business Report: Jobs, COVID-19, American Dream

While the unemployment rate is falling in New Jersey, an analysis of the latest numbers shows some reason for concern, according to Garden State Initiative. The organization states a key sector of the workforce is lagging behind as there are fewer higher-paying professional jobs. Data from August show the number of professional jobs is down 10% compared to a year ago. They also note the pace of overall job growth in the state is slowing.

The Murphy administration’s plan to borrow $4 billion will end up costing the state a lot more in the long run, according to a new Rutgers University analysis. Economics professor Bruce Mizrach believes the actual cost of the debt, based on the expected yield of the bonds, will be $5.76 billion. He called that an optimistic scenario, noting that any credit downgrade would push the borrowing costs even higher.

A New Jersey company is offering a new COVID-19 test you can take at home. This week, Secaucus-based Quest Diagnostics launched the Food and Drug Administration-approved test which requires no doctor’s visit. The test can be ordered on Quest’s website.

The reopening of the American Dream mall is less than two weeks away, but it’s already lost a key tenant, according to NorthJersey.com. Century 21 was planning to open a large store in the mall but the department store chain has filed for bankruptcy and intends to close all of its stores.