Biden-Harris Administration Exceeds Small Business Contracting Goals
The Biden-Harris administration exceeded their initial goal by awarding 26.5% of federal contract dollars to small businesses, resulting in a $162.9 billion investment, a significant increase from the previous year. This move has greatly boosted the small business economy, supporting over a million jobs in various sectors like manufacturing, construction, and research & development. The Small Business Administration (SBA) played a key role in setting contracting goals for agencies and working closely with government buyers to prioritize small businesses in procurement processes.
Source: Small Business Trends
Gig Economy Workers’ Impact On Economy
Though government data on gig workers is limited, experts believe their numbers are increasing, and their influence on the economy is significant. Online platforms like DoorDash and Uber Eats experienced surges during the Covid pandemic, attracting millions of workers seeking flexible hours and earning opportunities. While gig workers often lack traditional job benefits like health insurance, they benefit from the flexibility to search for other jobs and may avoid unemployment insurance, reducing personal debt. As a consequence, the gig economy might be distorting government economic data, potentially influencing the national unemployment rate and personal bankruptcy rates. However, the lack of quality data on gig workers poses challenges for policymakers, regulators, and the Federal Reserve, as it hampers efforts to understand and respond to economic conditions accurately.
Source: CNN Business
Small Businesses Cash In On “Barbie” Moment
As the U.S. release of the movie “Barbie” approached, small businesses leveraged Barbie’s iconic brand and social media presence to gain visibility and boost sales. With big companies like Zara, Airbnb, and Google already partnering with Mattel’s Barbie for licensed merchandise, smaller firms aimed to cash in on the hype as well. Utilizing Instagram and TikTok, businesses promoted Barbie-inspired products such as pink handbags, hot pink cocktails, and themed collaborations. Even without official Barbie licenses, larger brands like Swarovski embraced the pink-themed trend. Market experts advise that being on-trend, particularly capitalizing on Barbie’s momentum, is a strategic move for businesses of all sizes, as it appeals not only to young people but also to women in their 30s and 40s who significantly influence spending and act as gatekeepers to younger demographics.
Source: Reuters
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