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NFIB Weekly News

NFIB Weekly News Leading the News

Small Business Optimism Index Continues Historic Highs. (06/12/2018)

NFIB’s Small Business Optimism Index for May was the second-highest in the 45-year-history of the survey. The index saw a three-point gain, rising to 107.8. Positive earnings trends reached a net three percent, a survey high, and positive sales trends are at their highest level since 1995. NFIB President and CEO Juanita Duggan said, “Main Street optimism is on a stratospheric trajectory thanks to recent tax cuts and regulatory changes. For years, owners have continuously signaled that when taxes and regulations ease, earnings and employee compensation increase.” Chief Economist Bill Dunkelberg said, “Small business owners are continuing an 18-month streak of unprecedented optimism which is leading to more hiring and raising wages. ... While they continue to face challenges in hiring qualified workers, they now have more resources to commit to attracting candidates.”


Business Climate

Trump Administration Plans Further Tax Reform. (06/12/2018)

The Hill (6/5, Jagoda) reported that “the White House and some prominent GOP lawmakers want to roll out a second package of tax cuts this summer, building from the tax law President Trump signed last year.” The article stated that Republicans in Congress “are interested in pushing for changes to the tax code that they were unable to achieve in their 2017 measure, though a new tax bill is unlikely to become law this year,” and they “want to make improvements to the tax code on an ongoing basis.” The Hill added that for the new round of reforms “a focus will be extending the individual tax cuts,” and that “House Ways and Means Committee Chairman Kevin Brady (R-TX) has repeatedly mentioned in recent weeks that he’s looking at including incentives to boost business innovation and saving for retirement and education.”


Small Business Marketing

Op-Ed: Companies Should Leverage Social Media To Boost Marketing Efforts. (06/12/2018)

Writing for AdWeek (6/6), Chirag Kulkarni discusses how companies are using social media to boost marketing efforts. Kulkarni says a study from Gartner illustrates “that the average company spends 12 percent of its annual revenue on marketing,” and while 92 percent of markers “agree that social media is important to their business, that doesn’t mean your social efforts must exist in their own silo, separate from your company’s other campaigns.” Kulkarni suggests companies use social media, but acknowledges that while “social media receives incredible amounts of attention...it isn’t a complete marketing solution.” AdWeek notes that Kulkarni “has helped companies like Expedia with digital marketing.”


Wages and Benefits

Columnist: Higher Taco Prices At Jack in The Box California Franchisees Show Wages Not Outpacing Inflation. (06/12/2018)

Bloomberg View (6/7) columnist Brian Chappatta wrote about Jack in the Box’s recent announcement that its franchisees have raised taco prices at some restaurants. The fast-food restaurant chain’s “budget-conscious customers,” Chappatta wrote, are “now confronted with the choice of either handing over more cash or switching to competitors like Hardee’s, Carl’s Jr. and Taco Bell.” He pointed out that “it’s not pure commodity prices driving the higher menu costs,” noting California’s minimum wage increase. “But the fact that taco prices rose more sharply than wages” indicated “wage growth isn’t truly outpacing inflation.”


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