Closed small businesses for coronavirus (COVID-19) pandemic, closure sign on retail store window banner background. (Photo: AdobeStock)
The National Federation of Independent Business (NFIB) Small Business Optimism Index cratered ahead of the inauguration of Joe Biden, the result of an anticipation of negative business conditions in 2021. The 8-point decline from 101.4 to 95.9 is the first non-pandemic related large historical drop since the election of Donald J. Trump in November 2016, and comes after a post-lockdown rebound.
“This month’s drop in small business optimism is historically very large, and most of the decline was due to the outlook of sales and business conditions in 2021,” said NFIB Chief Economist Bill Dunkelberg. “Small businesses are concerned about potential new economic policy in the new administration and the increased spread of COVID-19 that is causing renewed government-mandated business closures across the nation.”
Economy, finance, and budgets
Just as Americans gathered to vote in the 2020 presidential election, Donald Trump’s White House announced that it was finalizing the administration’s effort to pull the United States out of the Paris climate accords. A few days later, before media outlets had even declared him the winner, Joe Biden pledged that, under his administration, America would reenter that agreement.
And so it’s likely to go for the next four years. All modern presidents have used the administrative state and presidential executive orders to pursue their agenda. Biden can do a lot with his pen, and much of what he does will unravel Trump’s own legacy of using executive powers, largely as a deregulator. Biden promises to be a re-regulator, reimposing many of the mandates that the Obama administration originally engineered in areas as diverse as the environment, the workplace, unions, and immigration.
Economic data out this week includes a pair of inflation measures. On Wednesday, the Bureau of Labor Statistics reports the Consumer Price Index for December. Excluding volatile food and energy components, it’s expected to have risen 1.6% year-over-year. The core Producer Price Index for December, out Friday, is predicted to have increased 1.3% from last year.
On Friday, the Census Bureau reports retail-sales data for December the all-important holiday shopping season. Retail sales excluding autos fell 0.9% in November, and they’re expected to have climbed 0.4% last month.
Other economic releases this week include the National Federation of Independent Business’ Small Business Optimism Index for December on Tuesday and the University of Michigan’s Consumer Sentiment Survey for January on Friday.
GBP/USD fails to break key resistance GBP/USD fails to break key resistance
Gary Christie December 11, 2020 9:47 PM
1.3535 area remains on the radar for a breakout: Chart Share:
The US Dollar was bullish against most of its major pairs on Friday with the exception of the JPY. On the US economic data front, the Producer Price Index Final Demand rose 0.1% on month in November (as expected), compared to +0.3% in October. Finally, the University of Michigan s Consumer Sentiment Index unexpectedly jumped to 81.4 on month in the December preliminary reading (76.0 expected), from 76.9 in the November final reading.
On Monday, Empire Manufacturing for December is expected to rise to 6.9 on month, from 6.3 in November. Finally, Industrial Production for November is expected to increase 0.3% on month, compared to +1
WBGZ Radio 12/11/2020 |
By Cole Lauterbach - Illinois Radio Network
Illinois manufacturers are concerned that presumptive President-elect Joe Biden will not only hike taxes and create more red tape than President Donald Trump but would take a weaker stance on Chinese companies stealing their products and illegally recreating them.
In a survey conducted last month, 62% of the 162 Illinois-based manufacturers who responded say they’ve got less confidence in their business’ outlook under a Joe Biden presidency.
The survey didn’t elaborate on specifics but the Technology Manufacturer’s Association of Illinois, who conducted the survey, said employers fear Biden’s administration would hike taxes, introduce new regulations, and fail to keep the pressure on China for their theft of intellectual property.