NFIB Weekly News

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NFIB Weekly News Leading the News

WSJournal Analyses: US Set To Lead Economic Rebound In The West (04/27/2021)

The Wall Street Journal(4/25, Douglas, Subscription Publication) reported in an analysis that the US is poised to lead an economic rebound in the West. The Journal said North American and European economies are about to take off as newly vaccinated consumers, armed with savings built during the pandemic, return to stores, restaurants and hotels. Another article in the Wall Street Journal (4/23, Guilford, Subscription Publication) said the US as well as global economies are exhibiting indications of stronger growth. IHS Markit indicated that its US services index increased to 63.1, which was the most elevated reading since the onset of data collection in 2009.

Business Climate

Supply Chain Disruptions Taking A Toll On Small Businesses (04/27/2021)

The Wall Street Journal (4/21, Simon, Sebastian, Subscription Publication) reported supply chain disruptions are causing problems for small companies, which are unable to absorb or push back against price increases from suppliers and are less able to pass additional costs on to consumers. According to a survey of roughly 800 companies by business advisory firm Vistage Worldwide Inc., 42% of small businesses reported temporary shortages or other supply chain issues in March.

Small Business Marketing

Mastercard, BOB Financial Launch SME Focussed ConQR Credit Card (04/27/2021)

Moneycontrol (IND) (4/22) reported, “BOB Financial and Mastercard have jointly launched small business-focussed QR code embedded credit card that will not only enable the cardholders to make payments but receive them as well.” Under the program “small businesses can use QR to make payments, while also enjoying the ability to receive payments.”

Wages and Benefits

Enhanced Unemployment Benefits Seen As Making Hiring Difficult (04/27/2021)

The Wall Street Journal (4/23, Melchior, Subscription Publication) reported that entrepreneurs are having difficulty hiring workers hard to find, either out of pandemic-related health concerns, difficulty balancing full-time work with childcare due to shuttered schools, or disincentives brought on by enhanced unemployment benefits. An NFIB survey of over 500 small businesses “reported last week that 42% of them had job openings they couldn’t fill.” NFIB research executive director Holly Wade was quoted saying, “As long as we’ve been conducting the survey, it’s never been that high.”

Unemployment Benefits Blamed For Labor Shortage. Insider (4/21, Taylor) reported US businesses are placing the blame for staffing woes with the stimulus package, saying it incentivized potential hires to remain unemployed through a combination of federal and state unemployment benefits. “The biggest challenge out there is the federal government and the state government are going to continue with this unemployment,” said 60-unit McDonald’s franchisee Blake Casper, one of many operators to test cash sign-on bonuses as incentives for new hires. “John Motta, a Dunkin’ franchisee who serves as chairman of the Coalition of Franchisee Association, said the math just doesn’t add up for many people deciding between unemployment benefits and working at a fast-food chain.”