Top Takeaways
- Shoplifting is forcing too many stores to close, hurting businesses, workers, and customers. Government must do more to ensure law and order.
- There are still about 5 million fewer Americans employed today than there were before the pandemic began.
- The Chamber launched a redesigned website–featuring media-rich content and expert analysis–and unveiled a new brand design.
- The SBA Administrator is working to help small businesses get greater access to capital and help them embrace new technologies.
Developments That Matter
Government Must Protect Stores from Shoplifters
Why it matters: Retail stores operate on tight margins. Theft increases costs and directly hits businesses’ bottom lines. As a result, stores are closing in many cities, costing workers’ jobs and hurting communities that rely on those businesses.
Key takeaways:
- “This is brazen lawlessness that is simply being ignored by our government,” Bradley explained. “Shoplifters are keeping track of the prices as they pull items off the shelf, knowing that if they walk out the door with less than $1,000 no one is going to do anything to them.”
- “The victims of the crimes aren’t just the businesses–some of them are small businesses and some are bigger,” said Bradley. “But the real victims are people losing their jobs because government officials won’t do theirs. The people suffering are the individuals who don’t have that grocery store or pharmacy because it’s closed.”
- “It’s a misnomer to call it shoplifting…. This is organized theft, and we need to treat it as such,” he added. “The state and local officials are the ones that are responsible, and if cities and police won’t step in then the state needs to.”
Bottom line: Providing law and order is a primary role of government. Condoning theft hurts businesses, workers, and customers.
Economic Viewpoints
Jobs Deficit Shrinking, But Recovery is Uneven
The labor market is still recovering from the damage inflicted upon it when COVID-19 first struck the U.S. The employment gap from the pandemic continued to shrink in September.
Why it matters: There are still about 5 million fewer Americans employed today than there were in February 2020. That is much better than at the depths of the shutdown, when there were almost 21 million fewer workers in the economy.
Be smart: The recovery of the labor market has been uneven across industries and states. The Bureau of Labor Statistics (BLS)
tracks employment by state and industry. Here are some highlights from their most-recent analysis:
- California and Nevada had the highest unemployment rates in September, at 7.5% percent each.
- Only Idaho (+1.5%) and Utah (+3%) have seen their employment levels grow since February 2020.
- The Leisure and Hospitality industry remains badly damaged. Only Idaho has seen a gain (+3.4%). Most other states still have substantial losses. New York (-26%), Hawaii (-25%), and Alaska (-24%) are the hardest hit.
Bottom line: Though employment is recovering, we’re still far behind pre-pandemic levels. Labor shortages continue to place inflationary pressure on the economy and stifle economic growth.
—Curtis Dubay, Senior Economist, U.S. Chamber of Commerce
Top Of Mind
Check Out the Chamber’s New Digital Home and New Brand Design
Yesterday, the Chamber launched a redesigned
USChamber.com website, featuring media-rich content, expert analysis, and explainer guides on priority issues.
Why it matters: This new digital home for the business community reflects our commitment to advocating, partnering, and connecting American businesses across the nation and around the world.
Also debuting within the new digital home, the Chamber unveiled a modern brand design and bold new logo that symbolizes the interconnectivity of business, government, and citizens—and the Chamber’s central role in representing business, working with government, and advancing our nation.
SBA Administrator Offers Small Business Growth Insights
Last week at CO—’s 2021
Big Week for Small Business, SBA Administrator Isabella Casillas Guzman talked about how small businesses can continue growing post-pandemic.
Key takeaways:
- “We know that businesses need support [with] capital because they're trying to seek opportunities and grow,” Guzman said. “And so [the SBA is] envisioning how we can de-risk investments in small businesses so that more can access capital.”
- “E-commerce and technology adoption was a silver lining during this pandemic because growth in the future is going to veer towards e-commerce,” she explained. “We want to make sure our businesses can leverage that growth.”
Small Business, Big Impact
4 Smart Ways to Boost Engagement with Social Media Followers
Here’s how to make your business stand out.
Chamber In Action
- Yesterday, the Chamber led a coalition of business associations in sending a letter to President Biden opposing the Treasury Department’s tax reporting proposal. “Even with the proposed exclusions of certain types of income, a large number of common and totally innocent transactions by individuals and small businesses will be captured by this new regime,” the letter states.
- Also, yesterday, the Chamber sent a letter to U.S. Trade Representative Katherine Tai urging the Biden administration to reinforce, not reject, the longstanding bipartisan U.S. policy of championing global intellectual property frameworks—supported by the WTO’s Trade-Related Aspects of Intellectual Property Rights (TRIPS).
Upcoming Events
Inflation in the Food and Related Industries
Thursday, Oct. 28, 1:00 – 2:00 PM (ET)
Food industry leaders will discuss what is happening with the supply chain and food prices.
The Future of Business and Higher Education
Tuesday, Nov. 9, 3:00 – 4:00 PM (ET)
The Chamber, Accenture, and minority-serving institutions will discuss how leaders in business and higher education create purposeful partnerships to enhance educational experiences and develop a skilled workforce.
2021 Corporate Citizenship Conference & Citizens Awards
Wednesday, Nov. 17–18, 1:00 – 5:00 PM (ET)
We will explore the evolving role of business in society and how the private sector continues to bring innovative solutions to the forefront.
What We're Reading
It can now take over 70 days to ship goods between China and the U.S. via container ship.
There are businesses lessons to be learned from FC Barcelona.
This year, haunted attractions hope to rebound after a devastating 2020.
Quick Reference
Resources to help keep your business strong, prepared, and proactive.
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