NJ's economic mission to India has begun. Here’s who is on the trip.
Gov. Murphy, first lady Tammy Murphy, Choose New Jersey CEO Wes Mathews and NJ EDA CEO Tim Sullivan headline a delegation of nearly four dozen people on a six-day economic mission to India. The group, which arrived in India Thursday, will have meetings from Sept. 19-24 in Delhi, Kochi, Bengaluru and Mumbai. The group will return to New Jersey on Sept. 25. It is the second mission to India for Murphy, who became the first sitting New Jersey governor to visit India in 2019. Here's a look at the delegation. (BINJE)
NJ adds 4,900 jobs in August; Unemployment rate rises to 5.0%
New Jersey experienced a net gain of 4,900 jobs in August, bringing the state’s total employment to 4,389,200, according to estimates from the U.S. Bureau of Labor Statistics. Still, the state’s unemployment rate increased by 0.1 percentage point to 5.0%. The largest gains were in professional and business services (+7,300) and private education and health services (+1,700). The largest losses came in financial activities (-1,400) and construction (-1,000). The public sector lost 2,100 jobs. (BINJE)
Average rate on a 30-year mortgage falls again, dips to lowest level since early October
The average rate on a 30-year U.S. mortgage fell again this week, echoing a decline in long-term U.S. Treasury bond yields ahead of the Federal Reserve’s first rate cut this year.
The rate eased to 6.26% from 6.35% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.09%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell. The average rate slipped to 5.41% from 5.5% last week. A year ago, it was 5.15%, Freddie Mac said. (The Associated Press)
Who qualifies for ‘no tax on tips’ and what counts as a tip? Here are the new rules
The Treasury Department is moving closer to making President Donald Trump’s “no tax on tips” pledge a reality. But new guidance released Friday limits those who qualify. Among the jobs exempted are sommeliers, cocktail waiters, bakers, club dancers, DJs, clowns, ushers, maids, gardeners, electricians, tow truck drivers, wedding planners, personal care aides, tutors, au pairs, massage therapists, parking garage attendants, delivery drivers and movers. Those who qualify would be able to deduct up to $25,000 in "qualified tips" per year from 2025 through 2028. (The Associated Press)
NJ Chamber Edge
We asked NJ Chamber members: What was your first job?
"My first job was at McDonald’s, where I started on the grill and eventually became a crew chief. I was proud to be named ‘Employee of the Month’ three times. But what stuck with me most wasn’t the recognition – it was the teamwork. You learn quickly that no one can serve a busy lunch rush (or the 99-cent Big Mac promotion) alone. Everyone has to do their part, and sometimes you need to jump in wherever the help is needed. That lesson – rolling up your sleeves, supporting the team and staying calm under pressure – still guides how I lead today." - Jon Hirschfeld, New Jersey office managing partner, PwC. Read more in NJ ChamberEdge. (N.J. Chamber of Commerce)
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