PUL$E: 🎄A Season of Small Business

Author

Samson Jagoras
December 11, 2023

Here is the essential economic chatter from last week:

  1. Season of Small Business Campaign: The U.S. Small Business Administration has launched its first-ever "Season of Small Business" campaign. This initiative comes in response to a significant increase in new business applications nationwide and is aimed at encouraging Americans to support small businesses throughout the holiday season. This campaign is part of a broader effort to strengthen the economy and support small businesses, which are responsible for more than 40% of America's economic output and two-thirds of net new jobs​​.

  2. U.S. Economic Update: The U.S. Bureau of Economic Analysis reported that the average annual growth rate in real GDP from the first quarter of 2018 through the first quarter of 2023 is 2.0 percent, which is slightly higher than previously published. There have been revisions in the estimates for private goods-producing industries and private services-producing industries, reflecting a somewhat more positive outlook than earlier assessments​​.

  3. Challenges for Small Businesses: Despite the optimistic signs in the broader economy, small businesses are facing significant challenges, especially with the highest inflation in over forty years. The rising costs and labor issues are major concerns, with many small businesses struggling to fill new or vacant jobs. This economic environment necessitates a collaborative approach from all sides to support and sustain small businesses​​.

  4. Financial Markets Update: In the financial markets, U.S. stock indices have shown a mostly flat trend ahead of the weekend, following the release of the U.S. payrolls report. This report indicated that the U.S. economy added 199 thousand new jobs last month, exceeding expectations. There are also updates on commodity prices like palladium and gold, and currency movements, which are important for entrepreneurs to keep track of for their business planning and financial strategies​​.

Best,

Samson

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