Some good news from the Suez, a mileage tax reassurance, increased retirements, late year strength in Connecticut’s economy, and upcoming expanded vaccine access are among the top business news items this morning.
National
A massive container ship blocking the Suez Canal has been partially refloated, but remains stuck in the waterway as hundreds of ships wait for the obstacle to be removed or seek alternate routes. A Forbes analysis suggests that the incident will result in minimal disruptions in the United States, although ships arriving in East Coast ports are more likely to use the Suez Canal.
Secretary of Transportation Pete Buttigieg has said that a mileage tax is not on the table as an option for funding the Biden administration’s upcoming infrastructure package. Buttigieg issued the clarification after saying in a CNBC interview that the idea “shows a lot of promise.”
Business trends
The labor participation rate of Americans ages 55 and older has fallen significantly since the start of the COVID-19 pandemic, with a lack of rebound suggesting that many of these workers may have permanently retired from the workforce. The trend has raised concerns that the departure of more experienced workers could hinder future economic growth.
Connecticut
Connecticut’s economy was one of the fastest growing in the nation at the end of 2020, with the growth of its finance and insurance industry leading the way. While the state’s economy shrank by 4.1 percent in 2020 as a whole, it grew at an annual rate of 7 percent in the final quarter of the year.
Governor Ned Lamont is expected to announce more details on Connecticut’s COVID-19 vaccine distribution plans today as the state proceeds to general distribution on Thursday. The rules could include dedicated clinics or other strategies to serve residents with high-risk medical conditions.
