Private companies added 127,000 jobs in November, missing investor expectations by more than 70,000 to post the worst result since January 2021, according to private payroll firm ADP and CNBC Monday.
The addition represented a sharp decline from the 239,000 new jobs reported by the firm in October. Industries that were most directly impacted by higher interest rates, such as construction, were hit the hardest by job cuts, while consumer-facing industries, such as hospitality, largely weathered the storm, according to ADP. Read More
Newly released data from the Commerce Department show what some people have been saying for months: The nation is in recession.
Furthermore, the Biden administration’s cherry-picking of data has come back to bite it, with even its selected data points now being revised to indicate a recession. And while these numbers confirm the economy shrank in the first half of the year, the rest of this year holds little promise of recovery. Read More
A new labor market survey found that a majority of employers, particularly restaurants, still cannot find enough workers.
The new report from Alignable said that 83% of restaurants can’t find enough workers. Overall, the report found that “63% of all small business employers can’t find the help they need, after a year of an ongoing labor shortage.” Read More
President Joe Biden unveiled a new 2023 budget proposal Monday along with major tax increases to help pay for it.
Biden’s budget, which comes in at about $5.8 trillion, is not expected to become law, but presidential budgets help set the legislative priorities for the year to come. Read More
Gov. Gretchen Whitmer has signed into law a $1 billion bipartisan economic development package.
The Strategic Outreach and Attraction Reserve (SOAR) package aims to support small businesses and attract businesses to the state, and includes:
Establishment of an economic development fund. Read More
Funding programs “to make our economy more adaptable to the rapid pace of technological change, supporting small businesses, and creating or retaining good-paying jobs.
Creation of a financing mechanism for both programs.
Appropriates $407 million to fund small businesses affected by COVID-19.
Michigan businesses are scrambling to handle President Joe Biden’s Jan. 4 national vaccine mandate for private businesses exceeding 100 workers.
Michigan Occupational Safety Health Administration (MIOSHA) Director Bart Pickelman told The Center Square in an email that starting Nov. 5, federal OSHA issued an emergency temporary standard (ETS) to minimize the risk of COVID-19 transmission in the workplace. An ETS summary is here. Read More
U.S. retail sales jumped in June, boosted by states widely loosening coronavirus restrictions and businesses returning to full capacity.
Retail sales increased 0.6% and totaled $621.3 billion in June, according to the Department of Commerce report released Wednesday. The monthly increase was driven by general merchandise, including food service, clothing, personal care, electronics and gasoline sales, the report showed.
“Sectors that were buoyed by the pandemic are slowing down a little bit, but not to a degree that I’d be concerned about,” Square economist Felipe Chacon told The Wall Street Journal. “Household finances have been bolstered by a few rounds of stimulus spending, so it bodes pretty well.” Read More
Michigan’s business leaders anticipate robust growth in the state’s economy within the next year.
They also plan a return to in-person office work in the 3rd and 4th quarters of 2021, according to a quarterly economic survey completed by Business Leaders for Michigan.
Approximately 92% of survey respondents say the state’s economy will likely remain strong and growing during the next six to 12 months. Read More
The Michigan Occupational Safety and Health Administration (MIOSHA) has issued new emergency orders for many businesses.
MIOSHA, within the Michigan Department of Labor and Economic Opportunity, promulgates rules clarifying the safety requirements for employers. Read More
Four business groups sent Gov. Gretchen Whitmer a letter asking to reopen industries that have been closed for five months, although they’re open in certain parts of Michigan and surrounding states.
After five months with no revenue and continued fixed costs, some gyms, movie theaters and bowling alleys are on the brink of bankruptcy. Read More
President Donald Trump announced the preliminary results of his administration’s efforts to deregulate the federal government.
Before taking office, Trump pledged to roll back two regulations for every new regulation added in Washington, D.C. However, that ratio has since increased to seven regulations rolled back for every new one created, Trump said. Read More