Economics News on Business Daily

SBA Administrator Isabel Casillas Guzman, along with other prominent leaders, visited Baltimore to address the economic impact of the Francis Scott Key Bridge collapse and highlight federal resources available to help affected businesses. Guzman, representing the U.S. Small Business Administration, emphasized the government's commitment to supporting small businesses during a challenging time.During a roundtable discussion with U.S. Senator Ben Cardin, Congressman Kweisi Mfume, Baltimore Mayor Brandon Scott, and County Executive Johnny Olszewski, Administrator Guzman met...

Administrator Isabel Casillas Guzman of the U.S. Small Business Administration announced the winners of the 2024 National Small Business Week's government contracting awards. The honorees include Action Manufacturing Company, Knowledge Based Systems, Inc., and Cetechs. Guzman highlighted the importance of small businesses in federal contracting, stating, "The federal government relies on small businesses to deliver innovative and competitive products and services to support critical agency functions."Sean Gibbs, President/CEO of Action Manufacturing Company, was named...

Administrator Isabel Casillas Guzman of the U.S. Small Business Administration (SBA) recently acknowledged the 2024 Phoenix Award winners for their exceptional disaster recovery efforts. Guzman emphasized the importance of supporting small businesses and communities in times of crisis, expressing the Biden-Harris Administration's commitment to their success.Among this year's recipients is Jacqueline Bernetta Tate Smith, the owner of The Coffee Shoppe in Selma, Alabama. Smith's resilience and determination following destructive tornadoes earned her the Phoenix Award for...

Cleveland, OH – The Cleveland Guardians and Progressive Insurance have reached a new agreement, extending Progressive's naming rights of Progressive Field as the home of Cleveland Guardians baseball through the 2036 season. The deal was announced today, solidifying a 29-year commitment between the two entities.Tricia Griffith, CEO of Progressive, expressed the company's pride in the partnership, stating, "In 2008, we became the proud naming rights partner of Cleveland baseball and for the last 16 years Progressive Field has been part of the fabric of the Cleveland...

The visit of Administrator Isabel Casillas Guzman to Baltimore on April 4 is set to address the economic impact of the Francis Scott Key Bridge collapse on small businesses. Guzman, representing the U.S. Small Business Administration (SBA), will be joined by key figures such as U.S. Senator Ben Cardin, Congressman Kweisi Mfume, and Mayor Brandon Scott for discussions and tours aimed at highlighting federal resources available for affected businesses.Guzman will engage in a closed-press roundtable with Senator Cardin, Rep. Mfume, and Mayor Scott to listen to the challenges...

The National Federation of Independent Business (NFIB), a small business association, has praised Georgia Governor Brian Kemp for his dedication to addressing lawsuit abuse. Small businesses are disproportionately affected by escalating commercial tort costs.

The latest report from the U.S. Bureau of Labor Statistics (BLS) reveals that auto insurance costs have surged by 20.6% over the past year, significantly outpacing the overall inflation rate of 3.1% during the same period. Studies indicate that in California, low-income and nonwhite households are disproportionately affected by inflation.

Bankrate, a consumer financial services company, recently published a report revealing that the average American driver is allocating 3.41% of their income towards car insurance. The report was compiled by Shannon Martin, a licensed insurance agent with a decade and a half of industry experience.

The Zebra, a digital platform that facilitates comparison of insurance policies, has reported a nationwide increase in car insurance premiums by an average of 5% in 2023. Authored by insurance analyst Ava Lynch, The Zebra's report suggests that insurance rates can surge even if a driver maintains a clean record devoid of accidents and violations.

Progressive Insurance, the leading commercial auto insurer in the U.S., has announced a rebranding for its large fleet commercial line coverage. Formerly known as Protective Insurance, it will now be called Progressive Fleet & Specialty Programs (Progressive Fleet). This name change reflects the integration of businesses and highlights Progressive's expanded expertise in large fleet transportation and niche insurance programs for the transportation and delivery industries.Karen Bailo, Progressive's Commercial Lines President, stated, "This announcement was part of our...

The Illinois Public Interest Research Group (PIRG) revealed on Jan. 18 that the ten largest car insurance providers, by market share in Illinois, increased rates by a total of more than $1.25 billion last year. The year 2023 marked the second consecutive year that rate increases exceeded $1 billion in Illinois.

The Institute for Legal Reform (ILR), a division of the U.S. Chamber of Commerce, recently published a report detailing the rise in commercial tort costs from 2020 to 2021. The report, released in December 2023, found that these costs escalated from $291 billion in 2020 to $347 billion in 2021.

Californians who have their auto insurance with Allstate and State Farm will face substantial increases in their rates beginning in February. Allstate's rates are set to rise by 30%, while those of State Farm will go up by 21%.

President Biden has renominated acting Secretary of Labor Julie Su, despite disapproval from Democrats over Su's progressive background in California. The White House released the list of Biden's nominations to be sent to the Senate for approval or rejection on January 8, 2024.

The US Bureau of Labor Statistics (BLS) has disclosed a 7.5% increase in nonfatal workplace injuries and illnesses in the private industry for 2021-2022, amounting to 2.8 million cases. Illnesses surged by 26.1 percent, while injuries rose by 4.5 percent.

Bank of America's Homebuyer Insights Report indicates a shift in the preferences of prospective homebuyers. The report shows that 62% of individuals are currently willing to wait for prices and/or rates to fall before purchasing a home. This marks a decrease from the 85% reported just six months ago.

Some Illinois residents that reside or have a business in Cook County qualify for tax relief following a disaster declaration from the Federal Emergency Management Agency. This relief, initiated by a federal order, is set to provide specific assistance measures for both individual taxpayers and businesses affected by the disaster.

CME Group has announced a milestone with open interest in its highly liquid U.S. Treasury futures reaching a new peak of 21,428,757 contracts. These U.S. Treasury futures, benefiting from margin offsets against CME Group's existing Interest Rate products, adhere to the rules of CBOT and are listed accordingly. This significant achievement marks a major development in the financial markets.

Wells Fargo announced its intentions to enhance its office presence at Hudson Yards, aiming to foster a more collaborative and improved employee experience by acquiring additional space. The bank's plans will be carried out in collaboration with the developers of Hudson Yards and the Related Companies, with an expected completion within three years.

The Urban Institute says that State government tax revenue collections experienced a nominal decline of 12.8 percent and a real decline of 15.7 percent in the second quarter of 2023 compared to the same period the previous year. This downward trend is largely attributed to economic fluctuations and policy changes triggered by the COVID-19 pandemic.