Money News for New Jersey Fri, 24 Oct 2014 13:38:14 +0000 Joomla! 1.5 - Open Source Content Management en-gb N.J. Sore Spot: Long-Term Unemployment Remains Stubbornly High in State unemployment_opt_copy_copy_copyBY JON WHITEN

More than five years after the official end of the Great Recession, long-term unemployment remains at historically high levels in New Jersey, according to an Issue Brief released today by New Jersey Policy Perspective.

The Brief’s main findings:

* Nearly half (46.3 percent) of New Jersey’s unemployed residents have been out of work for six months or longer.

* This is the second highest share of all the states (after Florida) and more than double the percentage at the same point in the previous three economic recoveries.

Economy Thu, 16 Oct 2014 00:05:40 +0000
Mega Millions Winning Numbers For Friday, October 17, 2014 Worth $180M mega_opt-1_copyBY BOB HOLT

The Mega Millions lottery jackpot has reached its highest level in nearly two months.

Sixteen consecutive drawings have now taken place without a grand prize winner, putting that total possibly one rollover away from $200 million.

According to the Mega Millions website, the top prize for the drawing of Friday, October 17 will now be an estimated annuity total of $180 million. The lump sum payout is up to $110 million. Winning Mega Millions numbers for October 14 were 11, 37, 46, 64, and 68. The Mega Ball was 15.

USA Mega reported that 5 tickets won $1 million apiece by matching the first five numbers but not the Mega Ball. Two of those tickets were sold in New York, while the others were sold in California, Missouri, and Washington.

Economy Fri, 17 Oct 2014 16:43:18 +0000
Mega Millions Winning Numbers for Tue., Oct. 21, 2014 Worth $200M mega_opt-1_copyBY BOB HOLT

The Mega Millions top prize is about to reach $200 million, for the first time in 8 months.

That jackpot prize cracked the $200 million mark in late February, on its way to a $414 million top prize. Could it happen again?

Time will tell, but one or more players are going to be pretty happy one of these days, and they won’t expect to win the jackpot when they buy their ticket. Just like the rest of us. The top annuity prize for the Mega Millions lottery drawing of October 21 is now an estimated $200 million.

According to the Mega Millions website, the cash option total will now be $122 million. Winning numbers for the Mega Millions drawing of October 17 were 21, 31, 43, 56, and 60, and the Mega Ball was 12.

USA Mega reported that players from California and Wisconsin each won $1 million for having the first five numbers correct without matching the Mega Ball.

Economy Mon, 20 Oct 2014 16:30:52 +0000
Who Bought Revel Casino and What’s Next? revelresort021012_optBY BOB HOLT

There’s life in the Revel Hotel Casino yet.

Revel went bankrupt for the second time in June, and shut its doors on Sept. 2. But the bankruptcy auction winner says the casino will reopen.

Brookfield US Holdings LLC from Toronto bid $110 million for Revel. “Revel is a brand-new trophy asset on the beachfront, which we are acquiring at a substantial discount to replacement cost," Andrew Willis, spokesman for parent company Brookfield Asset Management, said, according to an Associated Press report on ABC News. "This acquisition is consistent with Brookfield's history of contrarian investing and always on a value basis."

The company said they would be running Revel- not necessarily under that name- as a casino-hotel. Brookfield already owns the Hard Rock Hotel and Casino in Las Vegas and the Atlantis Paradise Island in the Bahamas.

Economy Wed, 01 Oct 2014 17:43:57 +0000
As Halloween Approaches the Market Gets Spooky seibeldavid_optBY DAVID J. SEIBEL

It would seem that the fall is a terrible time for the stock market. At least that’s what I keep hearing from the pundits. Out of the top twenty largest percentage declines in the Dow, all but three occurred from mid-August through year-end. That’s 85 percent! No wonder people start to get a little spooked when the market starts to misbehave a bit this time of year.

What we rarely hear from those same so-called experts is that out of the twenty largest percentage gains in the market, eleven of those occurred from mid-August through December. Why do we focus so much on the bad? Maybe it’s because the agony of defeat leaves a more lasting impression than the joy of victory. Who knows?

Economy Mon, 13 Oct 2014 16:16:03 +0000
Ending Defined Benefit Plans Would Worsen New Jersey’s Pension Debt debt_optBY JON WHITEN

Moving new employees out of defined benefit pension plans and into 401(k)-type retirement accounts would not reduce New Jersey’s crushing pension debt and could cost taxpayers $42 billion for the transition, according to a study released today by New Jersey Policy Perspective and the Pennsylvania-based Keystone Research Center.

“Most states that have considered switching employees to 401(k)-type accounts have rejected doing so because it risks putting a severe burden on taxpayers,” said Dr. Stephen Herzenberg, Keystone Research Center economist and author of the report. “The three states that have actually gone forward have seen pension debt mushroom. It’s a policy prescription that New Jersey taxpayers simply can’t afford.”

Economy Tue, 07 Oct 2014 15:42:54 +0000
Winning Mega Millions Numbers for Friday, October 10, 2014 Worth $150 Million megmillions030811_optBY BOB HOLT

The Mega Millions jackpot is still on the move, and waiting for a winner.

Mega Millions did not have a top prize winner Tuesday night for the fourteenth consecutive time, and now has $200 million within its sights.

According to the Mega Millions website, the annuity jackpot for the game’s drawing on Friday, October 10 will now be an estimated $150 million. The cash option value has now grown to a huge $90 million. Winning Mega Millions numbers for October 7 were 16, 29, 46, 48, and 55, and the Mega Ball was 2.

USA Mega reports that tickets from Illinois and Maryland each had the first five numbers correct without getting the Mega Ball to win $1 million. The New Jersey Lottery website reports that two local players won $5,000 in the drawing.

One ticket was purchased at Headline News – Lobby Store in Jersey City of Hudson County, while the other was bought at Wegmans Food Store in Bridgewater of Somerset County.

Economy Thu, 09 Oct 2014 17:16:09 +0000
N.J. Cracks Down on Home Improvement Contractors HAMMER_opt.pngBY JEFF LAMM

NEWARK – The New Jersey Division of Consumer Affairs today continued its crackdown on noncompliant home improvement contractors with the issuance of Notices of Violation to 26 contractors, seeking a total of $251,602 in civil penalties and consumer restitution, based on complaints and referrals by consumers across New Jersey.

The Division will continue to take such actions against allegedly unregistered and/or otherwise non-compliant home improvement contractors throughout the year, and will announce them on a quarterly basis, in order to protect and inform New Jersey’s consumers.

Economy Wed, 01 Oct 2014 16:12:32 +0000
Update: The Dire State of the N.J. Pension System pension_opt-1BY KEVIN ROBERTS

Today, the New Jersey Pension and Health Benefits Study Commission released its 30-day status report, an interim update on the first month of the commission’s work with an eye toward providing a full, unvarnished, and sober explanation of the nature, scope and causes of the challenges faced by New Jersey’s public employee pension and health benefits system.

Before getting to some key findings of the report, here’s a refresher on the Commission, its non-partisan, non-political membership, and the charge Governor Christie set out for them:

Economy Thu, 25 Sep 2014 21:03:03 +0000
Winning Mega Millions Numbers for Tuesday, October 7, 2014 Worth $136 Million megmillions030811_optBY BOB HOLT

The thirteenth consecutive Mega Millions drawing without a grand prizewinner took place on Friday, meaning potentially great news for some local player.

A player from California won a $180 million jackpot before the latest run started. Now the Mega Millions top prize looks like it is heading in that direction again.

The Mega Millions website reports that the estimated annuity jackpot for the drawing of October 7 will be $136 million, and the lump sum payout will be $80 million. The October 3 winning Mega Millions numbers were 3, 20, 34, 58, and 67. The Mega Ball was 6.

Unfortunately, no players were able to win $1 million second prize in the drawing. The New Jersey Lottery website reports that local players had better luck capturing third prize money, as two tickets matched four of the first five balls plus the Mega Ball.

Economy Mon, 06 Oct 2014 17:23:19 +0000