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NFIB Weekly News

NFIB Weekly News Leading the News

Consumer Sentiment Soars To Highest Level In 15 Years (05/21/2019)

The Wall Street Journal (5/17, Nunn, Subscription Publication) reported the University of Michigan said Friday that its index of consumer sentiment at the start of May rose to 102.4, up from 97.2 in May. The Journal said this exceeded economist expectations of 97.0 and was the highest level since 2004. However, Reuters (5/17, Mutikani) said “much of the surge was recorded before an escalation in the trade war between the United States and China, which could hurt activity.”

Business Climate

Freeland Says Canada Moving “Full Speed Ahead” On Ratification Of USMCA (05/21/2019)

Reuters (5/18, Scherer) reported Canadian Foreign Minister Chrystia Freeland on Saturday said that after the US lifted steel and aluminum tariffs, her government is moving “full steam ahead” toward ratification of the US-Mexico-Canada Agreement (USMCA). In an interview with CBC radio, Freeland stated, “We were very clear that as long as the 232 tariffs were there it would be very, very hard for us to ratify the new NAFTA, and that is why we did not table the legislation.” However, Reuters added she did not reveal “when the agreement would be presented to parliament, which closes down in June ahead of an October national election.”

Small Business Marketing

Word Of Mouth Plays Increasing Role In Marketing (05/21/2019)

For Hispanic Ad (5/18, Neudecker), Kantar Head of Global Connect Center Niels Neudecker quoted Amazon CEO Jeff Bezos as saying, “The balance of power is shifting toward consumers and away from companies. ... [I]n the old world, you devoted 30 percent of your time to building a great service and 70 percent of your time to shouting about it. In the new world, that inverts.” Nuedecker wrote, “Amazon has changed our world in many ways. For me personally, the countless number of consumer reviews help me to make better purchase decisions daily.” He added, “Building on Bezos’ prediction we believe that Word of Mouth will play an increasingly important role in marketing, especially in situations where consumers are overwhelmed by the number of substitute options and overload of marketing communications.”

Wages and Benefits

Democrats Stuck On How To Raise Minimum Wage Across Country (05/21/2019)

CNN (5/19, Wolf) reported that Congressional Democrats “need more time” to move a $15 minimum wage bill through the House, as a “single minimum wage might not be the thing to bind” so-called “high-cost states and low-cost states.”

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