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COVID-19 Drives Surge in Entrepreneurialism Even as Established Businesses Struggle

  • Uptick in new business applications reflects a boost in entrepreneurial ventures during the COVID-19 pandemic
  • Established businesses more likely to struggle, with some new ventures launched out of necessity after layoffs
  • Economic downturns have historically offered opportunities for new business growth
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November Job Growth Falls Short of Expectations as COVID-19 Cases Increase

  • Job growth in November fall well short of expectations
  • A total of 245,000 positions added, versus 440,000 anticipated by Dow Jones economists
  • Unemployment rate falls to 6.7 percent
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Study Suggests Extending Pandemic Unemployment Insurance Would Create or Save More Than 5 Million Jobs

  • Economic Policy Institute projects that extension of unemployment insurance would create a substantial income boost which would improve GDP and preserve or add 5.1 million jobs
  • A $600-a-week supplemental benefit ceased during the summer, and two additional federal unemployment programs will end this month
  • Projected effect varies by state, with unemployment extension assisting an estimated 52,000 jobs in Connecticut
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14-Nation Panel Introduces Plan to Promote Sustainability in the Ocean’s “Blue Economy”

  • 14 nations, representing 30 percent of the exclusive economic zones in the world’s oceans, commit to a sustainable “blue economy” in the waters they control by 2025
  • Goals include sustainable fishing activities, new commercial opportunities like seaweed and algae farming, and improved ocean energy
  • Group is inviting other coastal nations to join the coalition, though the initiatives have also raised some skepticism
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Weekly Jobless Claims Trend Downward After Recent Increases

  • New weekly jobless claims fall to a seasonally adjusted 712,000
  • Continuing claims and claims for one federal program drop, but claims for a federal emergency unemployment program continue to rise
  • Numbers do not yet reflect updated methodologies after Government Accountability Office says they are flawed
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Return to Normalcy Could Offer Summertime Economic Boost, But Businesses Need to Survive the Winter First

  • Vaccine developments hold promise for stronger economic recovery next year, but the winter could prove to be a devastating time for many businesses
  • Widespread business failures would impact commercial real estate as well as state and local government revenues
  • Restaurants in particular face an uncertain future with the arrival of colder weather
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Analysis of PPP Data Finds That Most Loans Benefited Larger Companies

  • News outlets examine recently released Paycheck Protection Program data and find that more than half of the $522 billion in awarded funding went to just 5 percent of recipients
  • About 600 companies received the maximum loan of $10 million
  • Analysis also highlights some problems with the process, such as incomplete applications receiving loan
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Social Media and Online Resources Help Drive Gen Z Entrepreneurialism

  • Polls reflect strong entrepreneurial spirit among Generation Z
  • Some members of the generation have already launched highly successful companies
  • Gen Z capitalizes on social media and online resources to educate themselves and market their business
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Consumers Crave the Familiar When Experiencing Fear, Researchers Suggest

  • Researchers suggest that evolutionary psychology drivers consumer patterns during situations like the COVID-19 pandemic
  • Experiment tests how consumer buying habits are affected after reading stories about contagious or non-contagious diseases
  • Study suggests that marketing tactics should emphasize familiar products and services during distressing times
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Bipartisan Proposal Seeks $908 Billion Economic Stimulus Package

  • Centrist senators pitch $908 billion package in effort to break impasse over new economic stimulus
  • Small business support would make up the largest portion of the bill, with $288 billion appropriated to support lending programs
  • Proposal faces uncertainty due to criticism from both sides of the aisle as well as a government funding bill taking precedence
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