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Business News Roundup, May 4, 2021

An alliance between the SBA and a mayors’ group, higher freight costs, reduced impulse buys, and a Connecticut milestone in COVID-19 vaccinations are among the morning’s top business news items.

National

U.S. Small Business Administrator Isabella Guzman held a virtual meeting with the U.S. Conference of Mayors on Monday. Prior to the meeting, the USCM signed a Strategic Alliance Memorandum outlining the priorities it shares with the SBA and reaffirmed its commitment to supporting small businesses.

Business trends

Higher trucking costs, expected to last through the end of the year, are adding to businesses’ supply chain issues. A shortage of new trucks and drivers is contributing to higher freight prices, increasing the cost of delivering goods to consumers and potentially leading to further price hikes on consumer goods.

The shift to online shopping is reducing the amount of impulse buys, which are typically made by consumers while buying items in person. The trend is forcing companies that rely on these sales, such as snack manufacturers, to turn to other marketing efforts such as increased digital advertising.

Connecticut

Connecticut is the first state in the United States to vaccinate half its eligible adults against COVID-19, Governor Ned Lamont announced Monday. The state is also planning to spend $13 million in federal funds to help improve vaccine access in 27 municipalities.

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