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Navy Awards $9.5 Billion to Electric Boat for Construction and Testing of First Columbia-Class Submarines

  • Electric Boat set to begin construction and testing of the first two boats of the Columbia class of ballistic submarines
  • Company plans to oversee 78 percent of the manufacturing process for the submarines, and is building a facility in Groton specifically for the assembly work
  • Columbia-class could result in doubling of Electric Boat workforce in southeastern Connecticut in near future
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Unemployment Drops Again in Latest Jobs Report, Though New COVID-19 Wave Raises Concerns

  • Job growth beats projections in October as unemployment rate falls to 6.9 percent
  • Increases in sectors like manufacturing and construction offset government job cuts
  • Concerns that rising COVID-19 cases could hinder slow recovery in labor market
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Despite Election Uncertainty, Markets Climb on Expectations of Divided Government

  • Markets climb on expectations of a divided government following Tuesday’s election
  • Investors bet on Biden presidency but a Republican majority in the Senate, whcih would limit the possibility of sweeping policy changes
  • Health and tech stocks see major gains
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Connecticut Returns to Phase 2 Reopening Restrictions; Restaurants Protest Curfew

  • Following increase in COVID-19 cases, Connecticut proceeds with rollback to Phase 2 of reopening
  • Capacity limits tightened as Department of Economic and Community Development receives authority to establish mandatory closing times for any businesses or establishments
  • Some restaurant owners raise objections to curfew requiring them to shut their doors by 9:30 p.m.
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Fed Policy Shows Little Change in Latest Update

  • Federal Reserve remains commitment to monetary easing in effort to bolster economy and improve credit access to businesses and households
  • Supports “maximum” employment and moderate inflation about 2 percent
  • Hews to expectations of minimal policy changes due to political and economic uncertainties
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Weekly Jobless Claims Remain Relatively Unchanged at 751,000

  • First-time jobless claims end last week at 751,000, falling just 7,000 from the previous week
  • Continuing claims on downward trend, but this is partially due to people exhausting their state benefits
  • Rising COVID-19 cases and uncertainty over new stimulus raise concerns about slowing labor recovery
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In Reversal, McConnell Calls For New Economic Stimulus Before End of Year

  • Senate Majority Leader Mitch McConnell moves up timeline for passing new economic stimulus
  • Voices support for small business assistance and funds for schools and hospitals
  • Reversal follows uncertainty in Tuesday’s election over whether Democrats will gain control of Congress
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How Pivoting After Launch Can Help Your Startup Succeed

  • Entrepreneurs often decide after launch that they need to update their business model to change what their company offers
  • A pivot may be necessary if a business idea is failing to gain traction, if you face too much competition, or if you come up with a better idea
  • While pivots can be risky, they are common enough that they usually don’t alarm investors or customers
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Advanced Tech Becoming More of a Necessity Among Connecticut Manufacturers

  • Manufacturers are finding that advanced technologies are necessary to remain competitive, not just an option to improve their operations
  • “Industry 4.0” represents a new industrial revolution as autonomous and smart system build on computerized and automated advances
  • Strategic investments can be a difficult decision for small investors, but allow for long-term benefits
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Employers Uncertain How Prepared They Are as Connecticut Paid Leave Opens For Business Registrations

  • Connecticut Paid Leave Authority begins registering businesses for the state’s new benefits under the Paid Family and Medical Leave Act
  • Payroll deductions for programs to begin on Jan. 1 with benefits available in 2022
  • Survey finds that many employers consider themselves unprepared for family and medical leave programs, though the authority is stepping up its public relations efforts
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