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Small Business Owner Optimism Again Drops in NFIB Poll

  • Small business owner optimism falls in October survey by the National Federation of Independent Business
  • Labor challenges and inventory shortages continue to pressure businesses as they try to capitalize on economic growth
  • Higher costs for materials, weaker sales blamed for lower profits
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Business News Updates, Nov. 10, 2021

An effort to expand the availability of COVID-19 vaccine booster shots, a 30-year high in inflation, falling jobless claims, a gubernatorial re-election bid in Connecticut, and a warning about Connecticut's tax amnesty program are among the top business news items…

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Fed Survey Finds Stronger Demand, Easier Access for Commercial and Industrial Loans

  • Federal Reserve poll of bankers finds increased demand and eased standards for commercial and industrial firms of all sizes in the third quarter of 2021
  • Easing of standards driven by factors such as better economic outlooks and increased competition from other banks and non-bank lenders
  • Commercial and industrial loan demand remains down from pre-pandemic levels, though banks see it rebounding in the next six months
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SBA Releases Updated Data on Small Business Impact on Economy

  • U.S. Small Business Administration Office of Advocacy releases data on small businesses’ impact on the economy
  • Small businesses account for the vast majority of all firms, but much smaller shares of employees, payrolls, and exports
  • More than half of small businesses were negatively affected by the COVID-19 pandemic in April 2020, but the share fell to about one in four in July 2021
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Businesses Are Hungry for Workers; What Factors Are Leading Applicants to Be Rejected?

  • Many job applicants are struggling to find work despite employer complaints about a labor shortage
  • Washington Post report looks at factors contributing to this issue, including outmoded employer practices that continue to exclude certain applicants
  • Older Americans, minorities, those with a criminal record, and workers with sizable gaps on their resumes are among those facing challenges
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NFIB October Report Shows Record Share of Small Businesses Raising Compensation to Compete for Scarce Workers

  • October jobs report from the National Federation of Independent Business finds a record share of small businesses are raising compensation
  • Trend goes in hand with ongoing labor challenges, with nearly half of small business employers saying they had jobs they were unable to fill
  • NFIB warns that the trends could contribute to inflationary pressures well into 2022
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Lamont Outlines Connecticut’s Efforts to Ease Impact of Costlier Energy Prices on State’s Businesses and Residents

  • Higher energy prices expected to impact company profits and consumer prices
  • Governor Ned Lamont outlines steps state agencies are taking to try to mitigate the effect of anticipated energy price increases
  • Specialized payment plans, efficiency incentives are among the efforts designed to help businesses and residents
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