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Pandemic Accelerates Need for Retailer Adaptation

  • Prior to the COVID-19 pandemic, retailers were already under pressure to adapt to changing customer tastes
  • The pandemic has accelerated demand for amenities with enduring appeal
  • Some retailers have been decimated by the pandemic, but others are planning to expand
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“Slimmed Down” COVID-19 Relief Bill with Renewed PPP Heading to Vote This Week, Unlikely to Pass

  • Senate Republicans introduce legislation providing a second round of Paycheck Protection Program funding, additional unemployment benefits, and other COVID-19 relief
  • The measure may face opposition from within the party, and Democratic leaders have criticized it as an inadequate response to the economic fallout caused by the pandemic
  • As the November election approaches, moderates in Congress are under increased pressure to come to a consensus on COVID-19 relief following a breakdown in negotiations this summer
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Small Business Optimism Improves Despite Earnings Hit

  • In quarterly survey from the National Federation of Independent Business, optimism improves among construction, manufacturing, retail, service sectors
  • Small businesses continue to report challenges, including lower earnings and poorer credit conditions
  • Businesses still working to recover from COVID-19, and some are coming back faster than others
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Survey: Majority of Americans Expect to Work in Retirement

  • More than half of respondents in recent survey indicated that they think they will continue holding a job during their retirement
  • Continued employment seen as a way to maintain mental well-being, build a financial safety net
  • Despite aspirations, many retirees find themselves on the sidelines due to health problems or other issues
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COVID-19 Gives Companies a Chance to Revamp the Workday

  • Innovation evangelist says companies have the option to reinvent the workday after several months of remote work during the COVID-19 pandemic
  • Adopting certain strategies to improve efficiency when face-to-face interactions are not possible
  • Employee evaluations need to be updated to match the current situation
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Employees Contemplate Quitting to Take On Child Care; How Employers Can Provide More Options

  • In a recent survey, about one in five parents said they are considering whether to reduce their hours this fall due to child care concerns, while approximately one in 10 are thinking about quitting for this reason
  • Even when schools have reopened, unexpected closures due to COVID-19 outbreaks can force parents to balance work and child care
  • Employers have options such as providing leave or offering flexible schedules to retain talented employees
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U.S. Unemployment Beats Projections, Sinks to 8.4 Percent

  • Non-farm payrolls increase by 1.37 million in August as unemployment rate falls to 8.4 percent
  • Economic trends move in positive direction, but more workers find themselves moving from temporary to permanent layoffs
  • Economists urge new round of economic stimulus to encourage consumer spending and prevent layoffs
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Federal Reserve Report Shows Mixed COVID-19 Economic Recovery in Connecticut, New England

  • Federal Reserve reports a modest improvement in business activity in New England in July and early August
  • Some retailers report a strong improvement in activity, including a considerable boost in car sales in Connecticut
  • Mixed experiences in manufacturing, while travel and tourism business remained considerably diminished
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North Sea Research Finds No Impact on Lobster Grounds From Offshore Wind Farm

  • Six-year study finds that 35-turbine wind farm in North Sea has had no impact on European lobstering grounds
  • Commercial fishermen frequently raise concerns about offshore wind farms, and study demonstrates the ability of the two industries to collaborate to make sure the right approach is taken
  • Results provide an example for New England region, where several offshore wind farms are in planning
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Edward Jones Exec Calls on Business Leaders to Do More to Address Wealth Inequality

  • Different economic trends have emerged during the COVID-19 pandemic, which a robust stock market benefiting wealthier Americans even as millions suffer from business shutdowns and unemployment
  • Penny Pennington, managing partner at Edward Jones, says business leaders need to address wealth inequality to better serve workers and the consumer base
  • Major CEOs have been more likely to speak out on wealth inequality during the effects of COVID-19
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