An increase in inflation, the SEC looks to bolster regulations on SPACs, transformation of vacant office spaces, the pandemic’s impact on retirement savings, and record sales tax revenues in Connecticut are among the top business news items this morning.
National
The Consumer Price Index rose at 6.8 percent through November, its fastest pace since 1982, and was up 0.8 percent from October. Core inflation, which takes out more volatile factors, was up by 4.9 percent.
The chair of the Securities and Exchange Commission is looking to tighten regulations on SPACs (special purpose acquisition companies) as they become a more popular method of taking private companies public. Gary Gensler said he is concerned about the risks SPACs present to investors and how they are allowed to use forward-looking data not permitted in IPOs.
Business trends
As businesses move to more remote work and shrink their office footprints, developers are planning to convert office space to other uses. Commercial spaces are being transformed into apartments, warehouses, and other purposes.
The COVID-19 pandemic has had a mixed effect on Americans’ retirement savings habits. A survey from The Penny Hoarder finds that 17 percent are saving less, while 16 percent are saving more; a separate survey found that one-third of workers are putting off their retirement due to the pandemic.
Connecticut
Connecticut collected nearly $5.3 billion in sales taxes for the 12-month period ending in June. The revenue represented a healthy bounce back from COVID-19 disruptions, exceeding the previous fiscal year’s record revenues of $4.7 billion.
