Rally in Canadian Consumer Confidence Fades on Economic Concern

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(Bloomberg) — The swift recovery in Canadian consumer confidence over the summer has petered out, weighed down by concern around the economic consequences of a second wave of Covid-19 as cooler weather approaches.

The Bloomberg Nanos Canadian Confidence Index, a composite measure of financial health and economic expectations, was unchanged at 52.7 last week. The stall reflects waning optimism about the economic outlook.

“After a period of improving consumer confidence, the trajectory of the positive trendline is beginning to flatten,” Nik Nanos, chief data scientist at Nanos Research, said in the report. “There could be a slow down in the Covid-19 economic recovery.”



Canadian consumer confidence stalled again last week


© Bloomberg
Canadian consumer confidence stalled again last week

The stall in consumer confidence has been largely predicted by economists who say the fall and winter months will bring a slower recuperation because some social-distancing restrictions will remain amid concern over a second Covid-19 wave.

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Bank of America Directs $300 Million of Its $1 Billion, Four-Year Commitment to Advance Racial Equality and Economic Opportunity

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$25 Million in Support of Jobs Initiative;

$25 Million in Support of Community Outreach and Initiatives;

$50 Million to Minority Depository Institutions;

$200 Million to Minority Entrepreneurs, Businesses and Funds

On June 2, Bank of America made a $1 billion, four-year commitment to advance racial equality and economic opportunity. Today, the company is announcing its initial progress by directing one-third, or $300 million, of its $1 billion commitment to four key areas across 91 U.S. markets and globally: $25 million in support of jobs initiatives in Black and Hispanic/Latino communities, $25 million in support of community outreach and initiatives, $50 million in direct equity investments to Minority Depository Institutions (MDIs), and $200 million of proprietary equity investments in minority entrepreneurs, businesses and funds. The $1 billion, four-year commitment is being overseen by Anne Finucane, vice chairman of Bank of America and head of Environmental, Social and Governance (ESG), Capital

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Entrepreneurship and innovation will surge during the economic downturn

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I had a college professor who loved to use the saying “may you live in interesting times.”

It’s a phrase that’s been top of mind a lot lately, for while there is an incredible amount of uncertainty in the world, it’s not lost on me that these “interesting times” are currently presenting a number of interesting problems.

This isn’t the first time Northeast Ohio has found itself in economically uncertain times. Some would argue that since the manufacturing heyday of the late 19th and early 20th centuries, it’s been one hit after another for the region. People point to innovation happening in other areas of the country, with companies like Apple, Airbnb and Uber redefining technology and regionalized growth. While there is something to be said for pockets of specialized innovation, it marginalizes the reality that problems exist everywhere, and there is no unique regional claim to people being able

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Banishing Our Nation’s Blind Spot About Blue-Collar Economic Potential

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Part of Kathy Caprino’s series “Supporting Today’s Workforce”

The U.S. Bureau of Labor Statistics released the nation’s July Jobs Report on August 7, and despite the recession and Covid-19 crisis leaving millions unemployed, a quiet revolution is underway. An ongoing blue-collar expansion continues as business leaders, entrepreneurs and job seekers find growth in this emerging sector. This revolution is what blue-collar entrepreneur Ken Rusk calls the “blue-collar boom.”  

According to the Center for Economic Policy & Research (CEPR)’s Blue Collar Job Tracker, employment in construction, manufacturing, and mining and logging increased by 669,000 or 3.58 % in May. The construction sector gained 464,000 jobs in May, a 7.05 % increase, albeit largely a recovery from April’s losses.  

To learn more about the blue-collar boom and the economic potential it represents, I caught up with Rusk, the author of the new book Blue-Collar

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Guess Which State Came Last in Rating for ‘Economic Outlook’

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The American Legislative Exchange Council once again ran the numbers to find which states have the best and worst economic outlooks. Utah came in first, followed by Wyoming, Idaho, Indiana, and North Carolina. There were several factors at play.

“The empirical evidence and analysis in this edition of Rich States, Poor States illustrate which policies encourage greater economic opportunity and which are obstacles to growth,” the report’s author Jonathan Williams writes. “The evidence is clear that competitive tax rates, thoughtful regulations, and responsible spending lead to more opportunities for all Americans. State economies grow and flourish when lawmakers trust people, not government, to create long-term prosperity.”

And once again, if you didn’t guess by now, for the sixth year in a row, the Empire State came in dead last.

New York is currently ranked 50th in the United States for its economic outlook,” RichStates PoorStates reports. “This is a

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The IRS says coronavirus economic impact payments can be seized for this reason

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While the government works to protect groups of individuals who are having their economic impact payments wrongfully seized, there is one specific category of taxpayers who the IRS said can have their checks legally garnished.

The CARES Act did not prohibit the payments to offset for back-due child support. This is the only reason that the government can take a stimulus check and it means people who have had their names submitted to the IRS for tax refund intercept might have their stimulus check reduced or garnished.

The Department of Revenue might submit your name to the IRS if you owe past due support of more than $150 and the other parent received public assistance benefits for the child or if you owe $500 or

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Charge Governor Njuki Muthomi in Sh35m incinerator project scam, DPP orders

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In soup: Tharaka Nithi Governor Muthomi Njuki [File, Standard[

In a roller-coaster of a day in the fight against graft, the Director of Public Prosecutions Noordin Haji has ordered the prosecution of Tharaka Nithi Governor Muthomi Njuki and other county officials with an alleged fraudulent payment for a tender worth Sh34.9 million.

The DPP said he was satisfied with the evidence presented by the Ethics and Anti-Corruption Commission (EACC). The tender was for the supply, installation and commissioning of a solid waste incinerator in the county.

In a statement on Friday, the DPP said seven companies, most of which were closely associated with Governor Njuki, put in bids for the tender.
The companies include; Joeleave Merchants Ltd, Gentech Supplies and Services, Westomaxx Investment, Kenric Investment, Grey Spiral, Boiler Techniques Engineering and Plenser Ltd.

SEE ALSO: As corruption goes on, so does the crackdown

“The above mentioned companies underwent a tendering

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Economic board discusses limits on use of CARES Act funds

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A crew of three City of Harlingen maintenance cut the grass and trimmed the grass along the edges with weed eaters yesterday at the Harlingen Sports Complex. Several crews were out at local parks doing various maintenance and up keep tasks.

HARLINGEN — Can federal CARES Act funds be used for economic development needs?

That depends, city officials said this week.

The CARES Act is the massive $2.2 trillion emergency aid bill passed by Congress in March, and Austin allocated $3.7 million from the state’s share to the City of Harlingen, which has already received its first tranche of the federal COVID-19 relief money, some $752,000.

The city spent some of the money on personal protective equipment for city workers, as well as hazard pay bonuses for police and firefighters. Another $225,000 went into a fund to help Harlingen residents with rent, mortgages and utility bills.

Mickey Boland, a member

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Eastside businesses prepare for economic uncertainty with regional summit event

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Eastside business professionals, look out: next week the Issaquah Chamber of Commerce is hosting a virtual, regional event to talk on the financial issues and the future of local industries.

The Regional Business Summit, 9:30 a.m. to 1 p.m., Thursday, Sept. 10, is a half-day event featuring panels from several local business experts, virtual networking, and a Keynote speech from Greater Seattle Partners CEO Brian McGowan.

McGowan’s keynote will focus on the challenges of rebuilding the economy. According to a press release from Greater Issaquah Chamber of Commerce, states the focus of the talk, titled “Now more than ever: Equity, Recovery & Regionalism” will discuss the need for cohesive, coordinated strategy in the business sector’s long-term financial recovery.

“As our regional economy emerges from the pandemic, there will be new challenges and opportunities to address. It will take years to gain back what we lost. Some industry clusters will rise,

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“No playbook for this”: Business, education leaders discuss COVID-19’s impact at SWVA Economic Forum | Business

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WISE — The fifth annual Southwest Virginia Economic Forum’s switch from a live May event to a virtual two-day conference inadvertently set the tone for Thursday’s closing sessions, and area business and education leaders talked about existing with COVID-19.

UVA Wise Chancellor Donna Henry joined Virginia Tourism Corporation specialist Becky Nave, Point Broadband General Manager Joseph Puckett and Appalachian Power Vice President Brad Hall in talking about how the COVID-19 pandemic dictated how their organizations are dealing with changes in the changed social and commercial landscape.

“It’s had a devastating impact on the tourism and hospitality industries,” Nave said. Last year’s available economic numbers showed $970 million in revenue — $2.7 million daily — being spent by tourists and travelers in the region. That translated to almost 9,000 related jobs and $67 million in local and state tax revenues, she added.

While the numbers for 2019-2020 will not be available

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