N.J. BUSINESSES PLAN MORE HIRING

By Kathleen Lynn/The Record
August 22, 2011

New Jersey businesses plan to step up hiring over the next six months, a new survey by Capital One Bank found.

At a time when the state’s unemployment rate is at 9.5 percent, more than half of large businesses surveyed reported plans to hire over the next six months. That’s a big jump from last year and earlier this year. About a third of small businesses reported plans to hire within the next six months, compared with only 21 percent in the first quarter of the year.

“We are seeing a healthy uptick in the percentage of New Jersey businesses that are planning to hire during the second half of 2011,” said Doug Kennedy, New Jersey president for Capital One. He called it “an encouraging sign of growth and recovery.”

Capital One also found that about half of small-business managers said economic conditions were improving, up significantly from a year earlier. And 53 percent of large businesses polled believe that economic conditions are improving.

The survey also found improved credit access for small businesses.

Consumers, also surveyed by Capital One, seemed less optimistic. Only 13 percent said their personal financial situation improved over the previous 12 months, while 36 percent said they were worse off. And three out of five said finding a job is “hard” or “nearly impossible.”

More than 40 percent said their savings decreased over the previous six months.