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Business News Roundup, July 6, 2021

A COVID-19 vaccination goal falls short, a major cyberattack, remote work startups, "shrinkflation," and business relocations to Connecticut are among the top business news items this morning. National Sixty-seven percent of the United States population has received a COVID-19 vaccine,…

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UN Report: Global Tourism Industry Could Suffer More Than $4 Trillion Loss Due to COVID-19

  • United Nations report suggests that tourism losses due to COVID-19 could be just as severe this year as in 2021
  • Uneven vaccine distribution is the key factor influencing losses, although factors like low traveler confidence also play a role
  • The UN does not expect the global tourism sector to fully recover until 2023, although recovery is likely to be faster in wealthier nations with higher vaccination rates
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NFIB: Record Share of Small Business Owners Are Raising Compensation

  • A net share of 39 percent of small business owners surveyed by the National Federation of Independent Business say they have raised their compensation
  • A net share of 26 percent plan to raise wages within the next three months
  • Small businesses have faced significant challenges in finding workers for available openings, often reporting few or no qualified applicants
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Eliminating Unproductive Workplace Habits in the Aftermath of Remote Work

  • Businesses have an opportunity to eliminate inefficient workplace dynamics when returning employees to a physical workplace
  • Encouraging asynchronous communications, increased worker engagement, and other strategies
  • Changes can be made via small projects rather than bureaucratic actions
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June Jobs Beat Expectations, With 850,000 Positions Added

  • 850,000 new jobs added in June, but jobs total remains well below pre-pandemic levels
  • Leisure and hospitality continues to lead the gains, with the sector gaining 343,000 positions
  • Average hourly wages increase as companies raise compensation in an attempt to attract workers
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Business News Roundup, July 2, 2021

An updated economic forecast, momentum on a global minimum corporate tax rate, the end of the Restaurant Revitalization Fund, and the potential for another emergency extension in Connecticut are among the top business news items this morning. National The Congressional…

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Congressional Proposals Pitch Student Loan Forgiveness, Fellowship Program to Ramp Up Millennial Entrepreneurialism

  • House Small Business Committee introduce bills designed to encourage millennial entrepreneurs
  • Business formation in the millennial generation lags behind that of baby boomers and Generation X
  • Measures would offer student loan cancelation for entrepreneurs and create a fellowship program with additional support for young entrepreneurs
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Grant Funding Available to Women-Owned Businesses Looking to Upskill Older, Low-Wage Workers

  • Following successful debut in 2020, the Association of Women’s Business Centers and AARP Foundation bring back their Upskilling grant program
  • Aimed at women-owned businesses who intend to improve or expand the skills of employees ages 50 and older
  • Applicants can receive up to $2,500 per employee to reimburse them for training costs
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Wellness Programs Have High Employee Engagement But Yield Minimal Health Improvements, Study Finds

  • Three-year study finds that wellness programs have no significant effect on objective measures of employee health
  • Programs are nevertheless popular and result in heightened awareness of health issues, as well as a greater rate of self-reported healthy behaviors
  • Other research suggests that wellness programs directed at employees with chronic issues can have a greater impact
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Incubator for Bioscience Companies Set to Open in New Haven This October

  • Bioscience incubator set to open in New Haven in October
  • New Haven Innovation Labs will include eight offices and five laboratories
  • A collaboration between the John B. Pierce Laboratory and CTNext
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