Disappointing jobs numbers, a robust stock market at odds with unrest in Washington, and a new COVID-19 variant in Connecticut are among the major stories affecting businesses in the state and nation.
National
Tensions remained high in Washington a day after pro-Trump rioters stormed the Capitol Building during a vote to certify Joe Biden’s victory in the Electoral College. Charging that President Donald Trump helped incite the unrest that led to the deaths of five people, House Speaker Nancy Pelosi has threatened that Democrats will attempt to impeach Trump that Vice President Mike Pence does not invoke the 25th Amendment to remove him from power. Two Cabinet secretaries and several White House officials have resigned in response to Wednesday’s violence, and Trump has pledged that he will support an orderly transition of power.
Despite the unrest, the stock market continues to post strong gains. Investors are likely encouraged by expectations that economic stimulus efforts and the rollout of the COVID-19 vaccine will encourage economic growth.
At the same time, a negative jobs report released today provides one more example of the slowdown in economic recovery which is expected to persist at least until the vaccine is widely distributed. The United States lost 140,000 jobs in December as retail, hospitality, and other industries that have suffered during the pandemic posted losses.
Connecticut
Connecticut saw higher initial jobless claims last week, with more than 10,000 residents filing their first application for unemployment. Those working in hospitality, retail, and health care have been most likely to be affected by layoffs.
Governor Ned Lamont has also announced that two cases of a more contagious COVID-19 variant first observed in the United Kingdom have been found in Connecticut.
