March of 2020, the Federal government signed into effect both the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Both laws were created in direct response to rising unemployment and economic challenges the country was facing as a result of the coronavirus pandemic. One principal component of...
Read MorePaycheck Protection Program Starts TODAY The Paycheck Protection Program (PPP) is an SBA loan that helps small businesses (fewer than 500 employees) keep their workforce employed during the COVID-19 crisis. We at Parrott advise you– before you give your employees the option to take unemployment, look into the PPP first! It is a forgivable...
Read MoreCONSUMER SENTIMENT SLIPS A BIT The University of Michigan’s preliminary February index of consumer sentiment came in at a reading of 95.7 Friday, compared with a final January mark of 98.5 (which was a 13-year peak). Economists polled by Bloomberg had expected a slight decline to 98.0. While this was the index’s lowest level in three months, it still...
Read MorePOSITIVES & NEGATIVES IN JANUARY’S JOB DATA The Department of Labor’s latest jobs report showed 227,000 net new hires last month. Unfortunately, wages grew just 0.1% in January as the headline jobless rate rose slightly to 4.8%. The U-6 rate, counting the underemployed, rose 0.2% to 9.4%.1 STRONG CONSUMER CONFIDENCE & SPENDING While the Conference...
Read MoreRISING WAGES, MODERATE HIRING IN DECEMBER The Department of Labor’s latest employment report shows the average hourly wage at $26.00 last month, up 2.9% in a year. That is the largest annualized wage increase seen since June 2009. Payrolls expanded by 156,000 additional hires in December, leaving total 2016 job growth at a 5-year low of 2.2 million. (This...
Read MoreA SURGE IN CONSUMER OPTIMISM The Conference Board’s consumer confidence index continued to climb in December. Analysts polled by MarketWatch projected a reading of 110.0 for the gauge, but it beat that forecast, rising 4.3 points to a 15-year peak of 113.7. The major factor in the gain? Growing expectations of a better economy, particularly among older...
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