NFIB Weekly News

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NFIB Weekly News Leading the News

Consumer Spending Up 0.1% In August; Income Rose 0.4%, Savings Rose To 8.1% (10/01/2019)

The AP (9/27, Rugaber) reported the Commerce Department on Friday reported that US consumer spending rose “just 0.1% in August, the smallest gain in six months,” while “incomes rose at a solid pace” of “0.4%, up from a small gain in the previous month.” The AP added that “excluding the volatile food and energy categories, core prices ticked up 0.1%,” and “the savings rate rose to 8.1%, a sign that consumers have a healthy financial cushion and aren’t overspending.” Meanwhile, “the Fed’s preferred inflation gauge climbed just 1.4% in August compared with a year earlier, below its 2% target,” and it has “mostly been below that level since the target was adopted in 2012.”

Business Climate

Senate Approves Temporary Spending Bill, Avoiding Shutdown For Now (10/01/2019)

The AP (9/26, Taylor) reported that with an 82-15 vote, the Senate “passed a temporary government-wide funding bill...that staves off the risk of a government shutdown through Nov. 21.” The legislation “would buy additional time for lawmakers to work to unclog a $1.4 trillion bundle of yearly spending bills that is hung up amid fights over President Donald Trump’s border wall and abortion.” The New York Times (9/26, Cochrane) quoted Senate Minority Leader Chuck Schumer as saying of the vote, “That’s the easy part. The hard part is getting a bipartisan appropriations process back on track.”

Small Business Marketing

Amazon Small Business Awards Now Open For Nominations (10/01/2019)

TameBay (UK) (9/24) reported, “The Amazon Small Business Awards have been launched for US merchants and nominations are now open.” The awards “aim to celebrate inspiring and unique American small businesses selling in Amazon’s stores, recognizing small businesses across three categories: Small Business of the Year, Woman-Owned Small Business of the Year, and Small Business Owner Under 30 of the Year.”

Wages and Benefits

Study Finds 70% Of US Workers Likely To Quit Within A Year At $7.25 Minimum Wage (10/01/2019)

CNBC (9/25) discussed turnover for small business, saying a recent analysis found “employees earning $7.25/hour (the current federal minimum wage) have a 70% chance of leaving within a year.” This is more “than double the average turnover rate of 32%.” CNBC said the study comes “alongside the recent passage of the Raise the Wage Act in the U.S. House of Representatives,” which “proposes a gradual increase to the federal minimum wage from $7.25/hour to $15/hour by 2025.”