The resolution of a trade dispute over aircraft tariffs, falling retail sales, a sluggish return to work, a surge in wholesale prices, and a special session of the Connecticut House of Representatives are among the top business news items this morning.
National
The United States and European Union have reached a resolution in a longstanding trade disagreement over subsidies for aircraft manufacturers. Trade representatives said the agreement suspends aircraft tariffs for five years, and that the nations will turn their attention to countering Chinese economic practices.
Business trends
Retail sales are seeing uneven improvement, falling 1.3 percent in May after a 0.9 percent increase in April. Analysts suggest that May’s spending trends turned more to travel as the summer season began.
Office workers are not yet rushing to return to their physical workplaces, with less than one-third of white collar workers doing so. This trend is creating further challenges for small businesses in commercial districts.
Wholesale prices rose 0.8 percent in May, with a record year-over-year surge of 6.6 percent. This index measures inflation pressures that producers encounter before products reach the market.
Connecticut
With the Connecticut House of Representatives meeting for a special session on Wednesday, advocates are hoping legislators will use the opportunity to pass certain bills that didn’t get final approval during the regular session. However, the session will largely focus on budget details and a bill legalizing recreational marijuana.
