On Thursday, the Federal Reserve announced a new approach to inflation, allowing inflation to run above the 2 percent target before increasing interest rates
The move signals that interest rates on home and business loans will likely remain extremely low for several years
Fed also shifts stance on employment in response to higher jobless levels due to the COVID-19 pandemic
Second phase of U.S. Census Bureau survey on COVID-19 impact on small businesses finds respondents more likely to expect a longer road back to normalcy
Majority of respondents report negative impact on business, but some positive signs such as healthy cash on hand and minimal missed loan payments
Businesses see marketing/sales and additional capital as key future needs
Enforcement of Connecticut’s rigorous COVID-19 rules has helped maintain consistently low infection rates, but this also has the potential to harm the state’s economy
Hotels and lodging have not been asked to screen guests, though several have done so voluntarily
Health commitment has been used in tourism marketing, but pitches are limited to neighboring states
Small businesses rely heavily on the U.S. Postal Service for shipments
Delays occasioned by the pandemic and recent operational changes under the Postmaster General result in extra fees, forced refunds, and harm to reputation
E-commerce groups push back against proposed hikes to shipping prices
Nearly nine out of 10 employees with a 401(k) retirement savings plan received an employer match in the past year
Just 11 percent of employers suspended their 401(k) match due to the COVID-19 pandemic, and about half of them intend to restore the match as soon as economic conditions allow it
Employee contributions to retirement plans have been largely unaffected by the pandemic
