Rutgers economist Bruce Mizrach is available to comment on a new Rutgers working paper that examines the economic impact of New Jersey’s phase two re-opening in big box retail, apparel, fast food, fast causal dinging, grocers and lodging. The researchers analyzed data from Safegraph, which collects information on visits to stores, restaurants and other points of interest from cellphone users.
Mizrach said, “June 15th was the first day of New Jersey’s Phase Two economic re-opening, in which outdoor dining and indoor shopping at non-essential retail stores were permitted. Our findings show New Jersey’s economy bottomed during the week of April 6–13. Since then, aggregate visits in the state are up more than 45%, from 2.83 million to 4.11 million. The sectors that rose most strongly during the first week were lodging, up 17%, fast casual dining, up 45% and apparel, up 79%.”
“We must stress caution about too much optimism,” said Mizrach. “Statewide activity is still down 31.4% from the comparable week last year, June 17, 2019. In addition, the three fastest growing sectors are all still down more than 50% compared to June of last year.”
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Mizrach is a professor in the department of economics at Rutgers. He is the founder and editor of Studies in Nonlinear Dynamics and Econometrics, which uses nonlinear analysis to understand economic and financial markets.
For interviews, contact: Megan Schumann, megan.schumann@rutgers.edu, 848-445-1907
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