A COVID-19 vaccination goal falls short, a major cyberattack, remote work startups, “shrinkflation,” and business relocations to Connecticut are among the top business news items this morning.
National
Sixty-seven percent of the United States population has received a COVID-19 vaccine, falling just short of President Joe Biden’s goal of having 70 percent of the nation vaccinated by the July 4 holiday. Vaccination rates have varied considerably across the nation, with several states vaccinating more than 70 percent of their residents.
Cybersecurity experts say the Russian-based hacking group REvil is responsible for a cyberattack that affected hundreds of businesses on Saturday. One expert noted that the attack had a “trickle-down effect” which spread from the larger companies targeted to small businesses.
Business trends
Startups are looking to take advantage of the widespread embrace of remote work and hybrid schedules after work-from-home arrangements became commonplace during the COVID-19 pandemic. Businesses have been offering services and products such as updated office layouts, desk scheduling, and video conferencing software.
Companies are frequently adopting the strategy of reducing product size rather than raising prices in response to inflation. The practice has been criticized as dishonest, but businesses using “shrinkflation” argue that it has other benefits such as greater shipping efficiency.
Connecticut
Governor Ned Lamont is hailing a recent wave of corporate relocations to Connecticut as a sign that the state is “getting [its] mojo back.” Political leaders have been promoting Connecticut’s advantages such as a skilled workforce and lower cost of living compared to New York City and Boston, though some are raising concerns about the state’s sluggish economic growth and elevated unemployment rate.
