Recession? Real GDP decreases for second quarter
The Bureau of Economic Analysis reported last Thursday that Real Gross Domestic Product (GDP) decreased at an annual rate of 0.9 percent in the second quarter of 2022. That's typically the measure of a recession, although there is some debate about whether the country is considered officially in one yet.
More information:
GDP fell 0.9% in the second quarter, the second straight decline and a strong recession signal (CNBC)
So are we in a recession, or not? (CNN Business)
U.S. Jobless Claims Hold Near Highest Level of the Year (Wall Street Journal $)
Inflation figure that the Fed follows closely hits highest level since January 1982 (CNBC)
US Chamber: Praises passage of CHIPS and Science Act
Opposes Manchin-Schumer deal because of tax increases
Top Congressional news late last week was the US House passage of the Senate-approved CHIPS and Science Act aimed at competition with China, and the announcement that Senator Joe Manchin (D-WV) had reached a reconciliation deal with Senate Majority Leader Chuck Schumer (D-NY) with key provisions on climate change and health care. The US Chamber responded with praise for the CHIPS passage, but opposition to the reconciliation bill.
“Today’s passage of the bipartisan CHIPS and Science Act sends a clear message to companies at home and around the globe—the American people are ready and able to make the necessary investments to spur economic growth, increase manufacturing, and safeguard our national security. The bill includes critical funding for research and development that will help American innovators compete on the global stage. We urge President Biden to sign the bill into law," said the US Chamber's Executive Vice President and Chief Policy Officer Neil Bradley. "The global shortage of semiconductors has meant decreased economic opportunity in America while contributing to the inflation crisis facing American families. That’s why the U.S. Chamber led more than 240 state and local chambers of commerce and other business associations urging Congress to act swiftly on this measure.”
Reconciliation package would undermine economic growth
The US Chamber is not so positive on the new $369 billion reconciliation package, primarily because of its tax provisions.
“This legislation includes taxes that would discourage investment and undermine economic growth, and price controls that would limit American innovation. Both will make our economic problems worse. Congress and the Administration should reject these policies and focus on unleashing American made energy,” said Bradley.
More information:
The CHIPS Act Makes It Through Congress Despite Late GOP Opposition (The Dispatch)
In a major boost to Democrats, Manchin and Schumer announce deal for energy and health care bill (CNN)
What's in the Manchin-Schumer deal (Politico)
U.S. Chamber Warns Tax Increases, Prescription Drugs Price Controls Will Discourage Investment and Undermine Economic Growth and Innovation (US Chamber of Commerce)
Book Tax Would Disproportionately Burden Manufacturers (National Assn of Manufacturers)
WMC Calls on Policymakers to Embrace Domestic Energy Independence to Combat Economic Recession (WMC)
Ron Johnson votes against bipartisan legislation to ramp up production of U.S.-made semiconductor chips (Journal-Sentinel +)
More national and economic stories:
The dollar and the euro are equal for the first time in 20 years: What that means for summer travel (The Points Guy)
Business and Philanthropic Sectors Are Leading Anti-Human Trafficking Initiatives (US Chamber of Commerce)
COVID-19 Updates
Masking indoors encouraged as Eau Claire County reaches high COVID-19 transmission (WQOW News 18)
New community COVID-19 drive-thru testing site open in Eau Claire (WEAU 13 News)
BA.5 is the dominant COVID-19 variant in Eau Claire County (WEAU 13 News)
Epic researchers find Paxlovid cuts COVID death rate by factor of 10 (The Cap Times)
COVID-19 Resources:
COVID-19 Symptoms & Testing (EC City-County Health Department)
Local COVID-19 Testing Sites (EC City-County Health Department)
Interactive COVID Data Tracker (CDC)
COVID-19: Staying Safe in Your Community (EC City-County Health Dept.)
Eau Claire County COVID-19 Information Hub
Eau Claire weekly COVID Situation Report
Eau Claire County COVID-19 Vaccination Page
Metrics Dashboard
Chippewa Valley COVID-19 Economic Recovery Task Force
Mark your calendar:
Eggs & Issues: The Economic Imperative of Diversity, Equity, & Inclusion
• Friday, Aug 19, Pablo Center or live stream on Perigon
Bravo to Business Awards
• Wednesday, Sep 14, The Florian Gardens
Eggs & Issues: Fall Election Outlook with Bill McCoshen
• Thursday, Sep 22, Pablo Center or live stream on Perigon
Business Day in Madison
Wisconsin Manufacturers and Commerce
• Wednesday, October 19, Monona Terrace
Workforce Solutions Summit
• Wednesday, November 16, Pablo Center
"Eau What A Night:" The Chamber's 108th Annual Meeting
• Wednesday, January 25, 2023, Pablo Center
29th Annual Chippewa Valley Rally
• Wednesday, February 22, 2023, Madison
Next up on the public calendar
Wisconsin Political Calendar (WisPolitics.com)
• Partisan Primary - Tuesday, August 9
US Senate (Ron Johnson seat), Congress, State Senate (odd # districts) Assembly, Governor, Attorney General, State Treasurer, Secretary of State, County Sherriff, County Clerk of Court
• General Election - Tuesday, November 8
Congressional & Legislative Maps
Wisconsin Congressional Maps (Dave's Redistricting)
Wisconsin Legislative District Maps (Wisconsin Legislature)
Public Meetings Calendar
Click the link above for the our regularly updated schedule of public meetings.
Thanks for reading this issue of Business Advocate. If you have comments or questions, contact Scott Rogers, Vice President Governmental Affairs, at 715-858-0616 or rogers@eauclairechamber.org