An expected Senate vote on a compromise infrastructure bill, expectations of ongoing price increases, an unemployment disconnect, and a venture capital fund for Connecticut recreational cannabis businesses are among the top business news items this morning.
An approximately $1 trillion bipartisan infrastructure bill is expected to pass the Senate today. The legislation, a key part of President Joe Biden’s economic agenda, will make investments in traditional infrastructure such as roads, bridges, and water projects.
The Federal Reserve’s Survey of Consumer Expectations shows that people continue to expect higher prices in the near future, although long-term expectations have been stable. This perception is in line with the Fed’s anticipation of short-term price gains during the economic recovery from COVID-19 followed by more stable conditions.
One factor contributing to ongoing elevated unemployment numbers is a mismatch between where jobs are being created and where people are out of work, according to a recent Wall Street Journal article. The industries hit hardest by the COVID-19 pandemic are still working to reach pre-pandemic levels, even as the number of jobs available exceeds the number of people looking for work.
A business advisory firm in Connecticut has launched a $30 million venture capital fund designed to assist cannabis startups. Recreational cannabis recently became legal in the state, with retail sales expected to begin in 2022.