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Employee Compensation Sees Record Gains in September

  • Growth in employee wages and salaries in the third quarter of 2021 hits 20-year high
  • Compensation up 1.3 percent from the previous quarter, including a 1.5 percent increase in pay
  • Employers have been offering higher wages to compete for talent, with service workers and those in the leisure and hospitality sector seeing the strongest gains
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Poll: Small Businesses Finding It More Difficult to Hire Than Four Months Ago

  • Poll from the U.S. Chamber of Commerce and MetLife finds that nearly half of small business owners actively hiring are having difficulty finding job candidates, up from 34 percent in June
  • Respondents were also finding it more challenging to fill open jobs and compete for talent
  • While a majority of small business owners were in support of those requiring workers or customers to be vaccinated against COVID-19, a smaller share had established such requirements at their own business
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Business News Roundup, Oct. 29, 2021

A potential slowdown in inflation, the Treasury Secretary's assertion that the White House's legislative agenda will help curtail inflation, slower consumer spending, and the awardees of an SBA grant program are among the top business news items this morning. National…

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“Build Back Better” Bill Seeks to Improve Child Care Access, Establish Clean Energy Incentives

  • White House releases framework for Build Back Better bill, which establishes several social policy and environmental initiatives
  • $1.75 trillion proposal includes $555 billion for clean energy and climate investments as well as $400 billion for child care expansion
  • Tax changes to support the measure include an increase in the corporate tax rate from 21 percent to 26.5 percent
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Rental Robots Growing in Popularity in the Manufacturing Sector

  • Manufacturers considering robots to improve their processes are sometimes reluctant to invest in the technology
  • Robot rental options are gaining popularity as an alternative to purchasing the technology
  • Benefits include no up-front cost and flexible arrangements
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Small Business Committee Chair Calls For Increased Federal Investment in Women Entrepreneurs

  • Senator Ben Cardin calls for federal policy changes to help support women entrepreneurship
  • Cardin says women have been a major economic driver in recent years, especially minority women
  • Initial funding rounds of Paycheck Protection Program only supported a modest share of women, prompting later changes to make the program more equitable
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Fed to Hold Diversity and Inclusion Conferences in November

  • Federal Reserve to hold two digital conferences on diversity and inclusion in November
  • One conference will focus on the effect of gender on an individual’s economic and financial incomes
  • The other will discuss diversity and inclusion in economics, finance, and central banking
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Business News Roundup, Oct. 28, 2021

A slowdown in GDP growth, opposition to proposed tax overhauls, a drop in durable goods orders, falling jobless claims, a bet on suburban co-working spaces, an expectation for strong holiday shopping, and a tour to promote Connecticut's "baby bonds" are…

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SBA Administrator to Announce Community Navigator Grant Recipients Today

  • U.S. Small Business Administration to announce recipients of Community Navigator Pilot Program grants today
  • Virtual announcement will take place at 2 p.m.
  • Grants will help connect entrepreneurs with resources to help them start a business, expand a business, or recover from COVID-19
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Could New Targeted Relief Be Coming to Certain Businesses?

  • Congress reportedly looking to pursue targeted relief for certain businesses once it completes work on two major pieces of legislation
  • Potential for advancing a measure to replenish the Restaurant Revitalization Fund, which was unable to meet all financing requests
  • Other industries hit hard by the COVID-19 pandemic, such as gyms and hotels, could also see direct relief
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