The end of the child tax credit, Omicron business disruptions, strong growth in public companies, and improved enthusiasm for the Connecticut economy are among the top business news items this morning.
January is set to be the first month where most families with minor children will not receive a child tax credit, unless Congress takes action to restore the measure. The credit, which has provided up to $300 per child on the 15th of every month since July, was often put toward savings but was also used to bolster spending power on essentials like groceries and back-to-school supplies.
The Omicron variant is causing significant business disruptions, particularly to those that were already facing labor shortages, as it drives a record spike in COVID-19 infections. As employees take sick time or quarantine due to infection, companies have been taking steps such as retraining existing workers, reducing hours, or even closing stores.
Public companies have been showing strong growth compared to pre-pandemic figures, posting better revenues and profit margins. The trend is more amplified for larger firms than for smaller ones.
A poll by the Hartford Business Journal shows improved enthusiasm for the economic outlook for Connecticut in 2022. The survey of more than 10,000 of the publication’s subscribers found that two-thirds expect Connecticut’s economy to improve next year, with 71 percent thinking the state’s economy is better now than it was a year ago.