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NEWARK, NJ-”New Jersey is the region’s star performer, outpacing the national economy,” Rae Rosen, senior economist and assistant vice president of the Federal Reserve Bank of New York told top business leaders late last week. The venue was the annual economic outlook meeting of the Regional Business Partnership of New Jersey’s largest city.

“This time the recovery is for real,” added Joel Naroff, president of Naroff Economic Advisors and chief economist for Commerce Bank. James Hughes, dean of the Rutgers University Bloustein School agreed: “The no-go days are over and recovery is in progress.”

Naroff did temper his remarks, noting that “the refinancing boom is over, so jobs must be created if income growth will be great enough to sustain spending.” He added that “tax cuts and federal spending are helping, but we can’t build a recovery just on that.”

Rosen saw job growth as “slow, but broad based, accompanied by moderate growth in wages. Recovery in the New York City financial markets suggests that better job opportunities are on the way in this sector in New Jersey and New York City,” she concluded.

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