Prism Group's Daily Summary
GROWTH IN THE U.S. ECONOMY OVER THE LAST YEAR... The U.S. economy grew by 3.1% over the last year, exceeding economists' expectations, with strong consumer spending and hiring contributing to the growth. Consumer spending, accounting for two-thirds of economic output, played a crucial role, supported by moderate inflation and a tight labor market, boosting consumer confidence. This contrasts with predictions a year ago, when a recession was anticipated, and only 0.2% growth was expected.
$5 BILLION TO NEW INFRASTRUCTURE PROJECTS... President Biden is set to announce $5 billion in funding for major transportation projects, highlighting his administration's commitment to addressing infrastructure needs. The funding, part of the infrastructure law passed in November 2021, will advance a number of large projects. This includes a $1 billion effort to replace the Blatnik Bridge in Wisconsin and Minnesota, enhancing capacity and accommodating pedestrians and bicyclists.
U.S. TREASURY RELEASES SSBCI FUNDING DETAILS... The U.S. Treasury Department’s latest quarterly report examines the State Small Business Credit Initiative’s (SSBCI) deployment of funds throughout the country. The American Rescue Plan Act allocated $10 billion to the SSBCI. Of that $10 billion, $7.7 billion has been allocated; $2.5 billion was disbursed to states and lending entities as of last September, with $854 million reaching businesses directly. The report found that SSBCI funding, as well as private investments, have helped small businesses across the country in innovation and growth.
THE STATE OF THE STATES
SESSIONS BY THE NUMBERS:
Thirty-seven state legislatures are in regular session.
WHAT WE'RE WATCHING:
Colorado’s private job sector saw significantly slow hiring towards the end of 2023. Only 1,100 jobs were added by private sector employees throughout the year, though the public sector saw nearly 23,000 hires. The latter number includes employees of local governments and school districts. While Colorado’s unemployment rate is only at 3.4%, the latest numbers have prompted discussions about the possible of a slowdown in the state economy.
Wisconsin set a new employment record at the end of 2023, with nearly 3.03 million jobs in December 2023. Wisconsin also maintained an unemployment rate of 3.3%, making the rate stable. Wisconsin’s economy and job market are expected to continue showing positive trends into 2024.
LAWMAKERS... IN OR OUT?
The House... convenes today at 3:00. The full schedule may be found here.
The Senate... convenes today at 10:00 AM ET. The full schedule may be found here.
HAPPENING ON THE HILL
The House...
Committee on Small Business Subcommittee on Innovation, Entrepreneurship, and Workforce Development will hold a hearing next Tuesday, 1/30 at 12:00 PM on “Pathways to Success: Supporting Entrepreneurs and Employees with Disabilities”
The Senate...
Check back Monday for possible updates.
BILLS OF INTEREST
Sen. Bob Casey (D-PA) introduced a bill to amend the Internal Revenue Code of 1986 to enhance the Child and Dependent Care Tax Credit and make the credit fully refundable for certain taxpayers.
Sen. Jerry Moran (R-KS) introduced a bill to amend the Housing Act of 1949 to extend the term of rural housing site loans and clarify the permissible uses of such loans
Sen. Ted Budd (R-NC) introduced a bill to prohibit a drawdown and sale of petroleum products from the Strategic Petroleum Reserve if the President has withdrawn certain land from oil and gas leasing.
AT THE AGENCIES
The US Department of Labor
Check back tomorrow for possible updates.
The US Department of the Treasury
The US Department of Labor issued a readout on Deputy Secretary of the Treasury Wally Adeyemo's Travel to Japan.
The US Department of Commerce
The US Department of Commerce announced that it will help NOAA’s Mauna Loa Observatory go net-zero.
The US Trade Representative
The US Trade Representative issued a readout of Senior Advisor Cara Morrow’s Meeting with Canada’s Deputy Minister for International Trade Rob Stewart.
The US Small Business Administration
The US Small Business Administration announced America’s Seed Fund Week and Road Tour.
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