There’s no letup to the negative inflation news, with yet another government report out showing inflation at near record levels. The producer price index looks at the cost of producing goods and it shows how businesses are getting squeezed. In June, inflation at the wholesale level surged 11.3% compared to a year ago, mainly due to rising energy costs. Meantime, a newly released survey from Goldman Sachs shows an increasing number of small businesses say inflation is a significant problem and more than 90% of them are worried about a recession.
Businesses also cited difficulty in finding workers as an ongoing problem. One New Jersey program is taking a different approach to workforce training. The South Jersey Summer Institute for Educators teaches educators about the hiring needs of local companies. Teachers then take what they’ve learned to educate their students about the job market. The program is run by the Chamber of Commerce Southern New Jersey. President and CEO Christina Renna says teachers meet with corporate representatives to get a first-hand look at the local economy.
Enhanced federal child tax credits are designed to help families in need, but processing delays at the IRS are standing in the way of families getting those tax credits. That’s according to U.S. Sen. Bob Menendez (D-NJ), who joined four other senators in sending a letter to the IRS, demanding that the situation is rectified. The senators say the tax credits kept 3 million children out of poverty.
