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Starting Soon 2023 State of American Business

2023 State of American Business

3 Reasons to Register for State of American Business 2023

Top Takeaways

More and better higher education information will help students get the work skills they need.
Spending should continue to rise as wages grow but choked supply chains will cut into sales.
Millions of children will soon be eligible to be vaccinated for COVID-19.
Curbing methane emissions is crucial to combatting climate change, and the business community is investing in technologies to achieve this.

Developments That Matter

Why Americans Need Better Higher Education Information

In the latest episode of Common, Grounds Chamber Executive Vice President and Chief Policy Officer Neil Bradley discussed higher education transparency with Sen. Bill Cassidy (R-LA) and Rep. Raja Krishnamoorthi (D-IL).

Why it matters: It’s difficult for prospective students to find detailed information about what the outcome will be from earning a college degree. This keeps workers from getting the skills they need to realize their dreams, and it holds back businesses from finding the workers they need to grow.

Key takeaways:

“We want that 18-year-old or 30-year-old to have all the information she needs to make the best choice for her future,” said Sen. Cassidy.

“Folks need to understand exactly what the outcomes will be for the education that they are about to embark on,” Rep. Krishnamoorthi noted. “You could end up in a job that doesn’t fit your degree, and you end up with a lot of debt.”

“All the information is there, already collected by the federal government,” Sen. Cassidy added. “It is just not presented in a coherent fashion to the student."

“I think employers are going to benefit by knowing which schools are producing the best outcomes for certain degrees that they are trying to hire in,” Rep. Krishnamoorthi said. “And so I think it really helps the students, it helps the employers and to me, it’s really going to be the great leveling of the playing field in higher education.”

Learn more:

Discover workforce solutions for your business through the Chamber’s America Works initiative.

Economic Viewpoints

Consumers Continue Spending Despite Sour Feeling about the Economy

Real spending–spending after inflation–rose 0.3% in September. However, spending on durable goods dropped 0.5% in real terms as supply chain issues made it harder to buy them.

Why it matters: Spending should continue to rise as wages grow and savings remain ample. That said, the choked supply chains will cut into spending through the end of this year’s holiday rush.

Be smart:

In real terms, wages and salaries rose 0.5%, while aggregate income fell by 1% due to the end of enhanced unemployment benefits.

There’s money to spend. Americans have saved $4.5 trillion since March 2020, $2.6 trillion above projected trends.

We still do not know how long inflation will persist.

—Curtis Dubay, Senior Economist, U.S. Chamber of Commerce

Be smart:

In real terms, wages and salaries rose 0.5%, while aggregate income fell by 1% due to the end of enhanced unemployment benefits.

There’s money to spend. Americans have saved $4.5 trillion since March 2020, $2.6 trillion above projected trends.

We still do not know how long inflation will persist.

—Curtis Dubay, Senior Economist, U.S. Chamber of Commerce

Top Of Mind

Discover & Deliver: Five Million Reasons to Support Vaccine Science

Yesterday, the world surpassed over five million deaths from coronavirus. This somber milestone serves as a reminder of the importance of widespread vaccination.

But here in the U.S., an additional 28 million Americans will soon be eligible to receive the vaccine.

What happened: Last Friday, the FDA authorized a one-third dose of Pfizer vaccine for children ages 5 to 11, following data showing that the vaccine is 90.7% effective against symptomatic COVID-19.

What’s more, today a CDC panel endorsed Pfizer’s vaccine for children. While both the CDC and the FDA acknowledge that children are at a lower risk of severe COVID-19, 691 American children have died from the disease.

Bottom line: These developments offer hope that fewer families will suffer pandemic loses—and that’s thanks, in large part, to the science.

— Kelly Anderson, Senior Director, Health and Drug Policy, Global Innovation Policy Center

Learn More

Chamber Applauds Effort to Limit Methane

Today, at the Climate Change Conference–COP 26–in Glasgow, Scotland, the Biden administration announced a plan to cut methane emissions.

Why it matters: Curbing methane emissions is crucial to combatting climate change, and the business community is investing in technologies that will achieve this goal.

Our take: “The Chamber supports both direct regulation of methane and increased voluntary reductions in a manner that allows for continued domestic energy production, technological innovation, and follows the appropriate process in the Clean Air Act,” said Christopher Guith, Senior Vice President at the Global Energy Institute.

Learn more:

The Chamber will be representing the business community in Glasgow. Follow our work here.

Chamber In Action

On the agreement this past weekend between the EU and the U.S. on steel and aluminum tariffs, Chamber Executive Vice President and Head of International Affairs Myron Brilliant said, “The deal announced today offers some relief for American manufacturers suffering from soaring steel prices and shortages, but further action is needed.”

Tom Quaadman, Executive Vice President for the Chamber’s Center or Capital Markets Competitiveness, outlines three things to know about stock buybacks.

Learn how Embark Trucks is using automated vehicle technology to make the roads safer, operations more efficient and sustainable, and supply chains more resilient.

This week is National Veterans Small Business Week and Hiring Our Heroes is joining the U.S. Small Business Administration to celebrate veteran business owners. Follow the conversation on social media with #VetBiz and learn about events taking place across the country.

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