Business Update – August 10, 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Payrolls increase in July
The Bureau of Labor Statistics reported on Friday that hiring in July was far better than expected, with payrolls increasing by 528,000. The surprising number is a sign of strength for the jobs market.
Workers in only two industries making wages in line with rising inflation
New figures show that only workers in the leisure/hospitality and retail industries are coming out ahead with their wages, after accounting for inflation. These sectors are also the only ones with staffing levels still far below pre-pandemic levels.
Amazon buys Roomba for $1.7 billion
The all-cash deal was approved last week. There is speculation that Alexa will be able to control the robot vacuums, in Amazon’s latest move to expand its offering of smart home devices.
Stocks fall after July jobs report is better than expected
The volatility continued last week, with the Dow Jones, S&P 500, and Nasdaq all slumping. Tech stocks were also down but energy and bank stocks were up, as investors tried to make sense of what a strong labor market means for the Fed’s rate-tightening campaign.
Twitter skewers Musk for trying to kill deal
A new court filing from Twitter dismisses every complaint Elon Musk has made about Twitter since backing out of his botched $44 billion offer to purchase the company, saying they are “factually inaccurate, legally insufficient, and commercially irrelevant.”
Current market causes uptick in people choosing to “unretire”
Whether it’s money worries or just an unexplainable drive to keep working, more and more Americans are choosing to return to the workforce after retiring. Kiplinger has put together a guide to returning to the workforce.
Bed Bath & Beyond discontinues private brand
In an attempt to reverse falling sales, Bed Bath & Beyond launched the private label Wild Sage just a year ago. That brand has now been discontinued, and is likely just the first in a slew of changes for the retailer as it struggles to overcome supply chain issues and declining sales.
High hopes for a $3 gallon of gas
Gasoline prices have fallen for over 50 consecutive days, and could fall below $3/gallon this week. The lower price is welcome as more people than ever struggle amidst rising inflation rates and other costs.
Tax deadline extended for storm victims
The IRS announced last week that storm victims in parts of Kentucky now have until November 15, 2022, to file various individual and business tax returns and make tax payments. Details can be found here.
Life savings locked up in Celsius
More and more customers are speaking out about how their assets have been locked up in Celsius since the crypto giant froze their accounts and then declared bankruptcy in July. Many are saying their life savings are inaccessible.
For those who have gotten to know Ellen, please know that she has moved on and is no longer working with the firm. We are exceedingly grateful for everything she has done during her time with us, and we wish her the best of luck as she pursues a great career opportunity.
We have hired a new administrator, Jessamyn Harris, who will start here soon. We are excited to have her on the team, and she looks forward to working with and getting to know you.
Additionally, we have also hired a new staff accountant. Marina Colarossi will start her new position with the team on Monday, August 15th. We are also excited to have Marina on the team, and she is looking forward to helping you with your tax and accounting needs.
Lastly, we are still attempting to fill two open staff accountant positions. If you (or even someone you may know) are a CPA or an EA and are looking to work in a local growing accounting firm, please get in touch with us. We’d enjoy the opportunity to discuss our current employment opportunities with you. Come grow with us!
Get in touch
Contact us if you have any questions or want to discuss the next steps for your business.