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The impact of inflation, supply-chain and labor shortages and increasing taxes are plaguing small businesses -- the backbone of the U.S. economy. |
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Small businesses facing big problems in pandemic recovery The same economic factors that have major corporations and mid-sized businesses leery about the economic recovery are magnified for small business owners. A recent survey showed the optimism index for small businesses slipped 1 point to 99.1, the lowest reading in six months, while its uncertainty index rose by five points to 74. Inflation, shortages and impending higher taxes represent a trifecta of fear for small business owners. And the shortages not only apply to the raw materials they rely on to produce goods and perform services, but also the human resources required to operate at all. The current state of the job market is more reason for pessimism. SEE HOW THE INFRASTRUCTURE BILLS MAY PLAY A ROLE
Millions of Americans leaving their jobs in search of better ones Call it a matter of semantics but the term "labor shortage" doesn't fully explain the current U.S. employment situation. As one Cal Berkeley economist explained, “There’s simply no labor shortage when you’re talking about finding house cleaners for a hotel — there is a shortage of workers who want to work at what you’re offering.†Perhaps that's why 4.3 million Americans quit their jobs in August -- not so much to leave the workforce but to leave their line of work. With so many openings, workers in the retail and food service industries are among those leaving their jobs in search of better ones. Increased wages and benefits in other fields are the appeal. SEE WHICH SECTORS SAW THE MOST EMPLOYEES LEAVE
Making dollars (and sense) and of inflation's impact on families Each week Americans are bombarded with bad news about inflation -- a 9.6% jump in food costs or oil prices spiking by 5.2% -- but what does it really mean to the consumer and their family budget? We've got a breakdown of the most common household purchases and their before-and-after costs as related to pandemic-induced inflation. Here's a sampling of a few of the hard-to-swallow price hikes from the U.S. Bureau of Labor Statistics: The cost of a gallon of gas went up a buck from $2.19 a gallon to $3.19; a 12-pack of Pepsi popped up from $3.33 to $5.95; and Ajax cleanser doubled from $1 to $2. SEE THE FULL LIST OF INFLATIONARY PRODUCT PRICE HIKES
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Markets
| DJIA | 34,378.34 | -0.34% |
| S&P 500 | 4,350.65 | -0.24% |
| Nasdaq Composite | 14,465.92 | -0.14% |
| Japan: Nikkei 225 | 28,017.61 | -0.75% |
| UK: FTSE 100 | 7,130.23 | -0.23% |
| Crude Oil Futures | 80.41 | -0.29% |
| Gold Futures | 1,761.50 | 0.13% |
| Yen | 113.58 | -0.02% |
| Euro | 1.15 | 0.03% | | * As of market close |
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Pelosi seeks to salvage infrastructure bill
Democrats call it the "Build Back Better" plan, the "soft" infrastructure bill, and the "human" infrastructure package. Republicans use less flattering terms, like wasteful spending and radical liberal agenda. But there's one thing both sides won't be able to call it any more -- the "$3.5 trillion" bill. It has become apparent that the price tag -- assuming it passes at all -- will be much lower. Centrist Dems are in the neighborhood of $2 trillion, and even that isn't a guarantee. House Speaker Nancy Pelosi admitted as much Tuesday and she has started the hardball negotiations about what stays and what goes in the package. Her appeal to make life better for American families could tear the two wings of the Democratic Party apart. SEE HOW PELOSI PLANS TO NAVIGATE THE POLITICAL MINE FIELD
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Petito autopsy reveals death by strangulation
The long-awaited results of Gabby Petito's autopsy were released Tuesday, and the outcome wasn't as surprising as it was horrifying. A Wyoming coroner revealed the cause of death was strangulation and the manner of death was homicide, confirming what many feared all along. Petito's remains were found 3 to 4 weeks after her death, according to the report, which was about the same time her ex-fiance Brian Laundrie went missing after refusing to cooperate with the investigation. He is still on the run and is considered the prime suspect in her death and disappearance. GET THE LATEST UPDATES ON THE MANHUNT FOR LAUNDRIE
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LEGO working to bridge the gender gap
Here's a little food for thought before you start your holiday shopping, and it comes from an unlikely source -- LEGO. After some inner-researching, the company announced Tuesday that it is removing gender bias and "harmful stereotypes" from its boy toys to become more inclusive to girls. LEGO commissioned a study of parents and kids to see if there truly was gender bias in who plays with its toys, and the results were surprising. Three in four parents said they would encourage their son to play with LEGOs compared to only 1 in 4 of their daughters. Parents are five times more likely to encourage their girls to play dress-up or pursue dancing. CHECK OUT WHAT LEGO IS DOING TO LEVEL THE PLAYING FIELD
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LEGO with the flow
LEGOs have been used to build everything from functioning houses to the Taj Mahal, but what was the tallest tower and how many bricks were in it? Tuesday's answer: The town of Morton, Illinois, the Pumpkin Capital of the World, boasts more than 100 times the number of pumpkins than people
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