A potential executive order targeting big business, a hearing in Congress on small business concerns, a private payroll report, and expanding technological use in restaurants are among the top business news items this morning.
National
President Joe Biden is reportedly drafting an executive order aimed at improving oversight of industries where a small number of big companies wield a disproportionate share of power. The order would aim to make the industries more competitive for other companies, but would likely face a challenge from business and legal groups.
The House Small Business Committee held its annual “Member Day” hearing, where members of Congress raise issues they feel are impacting small businesses in their states. Some testimony called for additional financial assistance for businesses, including more funding for the cash-strapped Restaurant Revitalization Fund.
Business trends
ADP’s private payroll report, issued in advance of Friday’s jobs report from the Department of Labor, shows that private employers added 692,000 jobs in June. While this figure is down from strong hiring in previous months, it also beat economists’ forecasts.
Restaurants have been expanding their use of technologies such as mobile apps and self-serve kiosks for seating and ordering. While these technologies were emerging before the COVID-19 pandemic, they have gained popularity as more people return to restaurants and the food service industry grapples with labor shortages.
