The Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in July on a seasonally adjusted basis after rising 1.3 percent in June, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 8.5 percent before seasonal adjustment. The gasoline index fell 7.7 percent in July and offset increases in the food and … [More]
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U.S. Inflation Slowed to 8.5% as Fall in Gasoline Offsets Shelter, Food Increase
U.S. Bureau of Labor Statistics
Small Business Owners Reporting Inflation as Top Business Problem, Reaches Highest Level since 1979
inbusinessPHX.com
NFIB’s Small Business Optimism Index rose 0.4 points in July to 89.9, however, it is the sixth consecutive month below the 48-year average of 98. Thirty-seven percent of small business owners reported that inflation was their single most important problem in operating their business, an increase of three points from June and the highest level since the fourth quarter of … [More]
Nearly Half of Small Business Owners Still Can’t Fill Job Openings, Says Report
inbusinessPHX.com
Small businesses across the country continue to raise wages to keep employees and fill a historically high level of open positions, according to NFIB’s monthly jobs report. Seasonally adjusted, 49% of all owners reported job openings they could not fill in the current period, down one point from June and down two points from May’s 48-year record high. “Hiring … [More]
Hiring Continued in July as Employers Added 528,000 New Jobs, Beating Expectations
U.S. Bureau of Labor Statistics
Total nonfarm payroll employment rose by 528,000 in July, and the unemployment rate edged down to 3.5 percent, the U.S. Bureau of Labor Statistics reported today. Job growth was widespread, led by gains in leisure and hospitality, professional and business services, and health care. Both total nonfarm employment and the unemployment rate have returned to their February 2020 … [More]
Small Business Job Growth Slows in July, Hourly Earnings Growth Moderates Slightly
inbusinessPHX.com
Hiring at U.S. small businesses slowed for the fifth consecutive month, according to the latest Paychex | IHS Markit Small Business Employment Watch. The Small Business Jobs Index moderated -0.66 percent from the previous month and stands at 100.14. The pace of wage increases slowed slightly from the previous month, with average hourly earnings growth at 5.08 percent compared … [More]
Annual U.S. Home Price Gains Slow for the Second Consecutive Month, Says Report
inbusinessPHX.com
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for June 2022. Nationwide, home prices grew by 18.3% from June 2021, marking the 125th consecutive month of year-over-year increases. Though annual appreciation was still strong, it slowed from the … [More]
Alliance of Arizona Nonprofits and Arizona Grantmakers Forum Merge
inbusinessPHX.com
Alliance of Arizona Nonprofits Chief Executive Officer Kristen Merrifield will lead the combined organization, which will operate under the Alliance name for the immediate future. Arizona Grantmakers Forum President and CEO Laurie Liles will become Chief Public Policy Officer and Vice President of Arizona Grantmakers Forum as she shifts her focus to advocacy on behalf of the … [More]
Arizona’s Economic Leaders Applaud Senate Passage of CHIPS Act
inbusinessPHX.com
A sweeping plan to accelerate semiconductor investments and research in Arizona and across the country today cleared an important hurdle with passage of legislation by the U.S. Senate. Governor Doug Ducey welcomed the passage of the CHIPS for America Act, saying it will provide a critical boost to an important and growing sector of Arizona’s high-tech economy. “For more … [More]
Avoiding Election Pitfalls by Focusing on What the Majority of Arizona Voters Care About
inbusinessPHX.com
As primary campaigns hit the final stretch, several of the front and center topics being pushed run the risk of "turning off" significant portions of the electorate. To deter non-priorities that are receiving outsized attention and shift focus to what most voters want to be discussed in this election, Center for the Future of Arizona (CFA) announced today several topics that … [More]
SBA Awards Record-Breaking $154.2B in Contracting to Small Businesses
U.S. Small Business Administration
The U.S. Small Business Administration (SBA) announced that the Biden-Harris Administration exceeded its small business federal contracting goal, awarding 27.2 percent or $154.2 billion in federal contract dollars to small businesses, an $8 billion increase from the previous fiscal year. The share of contracts going to small businesses equates to 27.2 percent of total federal … [More]
Hotels’ Recovery Continues, Workforce Challenges Remain
inbusinessPHX.com
Midway through 2022, the hotel industry continues to make strides toward recovery, with nominal hotel room revenue and state and local tax revenues projected to exceed 2019 levels by the end of this year, according to the American Hotel & Lodging Association (AHLA)’s 2022 Midyear State of the Hotel Industry Report. Hotel room revenue is projected to surpass $188 billion … [More]
ACA Awards $1.6M to Arizona WearTech Applied Research Center
inbusinessPHX.com
The Partnership for Economic Innovation (PEI), a passionate collective of business and community leaders dedicated to accelerating Arizona’s economic opportunities, announced that the Arizona Commerce Authority had awarded $1.6 million to support 8 new applied research projects through its WearTech Applied Research Center. State funding matches private and nonstate funds … [More]
May Event Wagering Sees a Record Level of Privilege Fees to State
inbusinessPHX.com
Arizona event wagering figures continued to look strong during the month of May. According to a new report by the Arizona Department of Gaming, the state saw a record $4.1 million in privilege fees during the month. “The newly emerging event wagering industry in Arizona continues to impress, with over $460 million wagered and over $4 million in privilege fees in the month of … [More]
Large Majority of Small Business Owners Report Inflation Pressures Worsening, Says Survey
NFIB
The NFIB Research Center released a new survey assessing the impact inflation is having on small businesses. Overall, over half (56%) of small employers reported that inflation is having a substantial impact on their business while about a third (35%) reported a moderate impact. Three quarters (75%) of owners reported that inflation pressure is getting worse, a quarter (25%) … [More]
Homebuyer Bidding-War Rate Dipped below 50%, Lowest Level in over Two Years
inbusinessPHX.com
Nationwide, 49.9% of home offers written by Redfin agents faced competition on a seasonally adjusted basis in June, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. That’s the lowest share since May 2020 and the first time the bidding-war rate has been below 50% since that same month, when the housing market was at a near … [More]
Agriculture Tech Co. Opens Engineering Center at SkySong, Supports Autonomous Farming Operations
inbusinessPHX.com
Raven Industries, Inc., a precision agriculture technology provider, recently opened a new 15,000-square-foot engineering center office in Scottsdale to support the advancement of automated and driverless agriculture technology. The new office located at SkySong employs engineers focused on machine learning, artificial intelligence and computer vision. Raven employees also … [More]
Phoenix Ranks among Highest Inflation Rates in the Country, Says Report
inbusinessPHX.com
Four U.S. metros experienced double-digit inflation in the second quarter–Phoenix, Atlanta, Tampa, FL and Miami–and all four were among the most popular migration destinations for Redfin.com users, according to a new report from Redfin, the technology-powered real estate brokerage. These destinations have the highest inflation rates in the U.S. partly because they’re attracting … [More]
Arizona Ranked Top 4 in the Nation for Sustainability
inbusinessPHX.com
Arizona’s forward-thinking policies have created a welcoming environment for innovative companies, attracting industry leaders that prioritize sustainable practices. Arizona ranked no. 4 in the nation in Site Selection Magazine’s Sustainability Rankings. The Phoenix Metro also ranked no. 2 in the Mountain Region among major metropolitan statistical areas for the second year in … [More]
