Economic & Recovery News Release: 7/13/2022

July 13, 2022
 
Content Curated By Scott Goldstein
 
 INSIDE TODAY'S UPDATE
 
  • U.S. inflation surges again in June, raising risks for economy.
 
  • The BA.5 variant is most infectious yet, and your COVID-19 immunity may be helpless.
 
  • New and used cars are still hard to get, and getting your car fixed is no picnic either.
 
U.S. Inflation Surges Again in June, Raising Risks for Economy
Surging prices for gas, food and rent catapulted U.S. inflation to a new four-decade peak in June, further pressuring households and likely sealing the case for another large interest rate hike by the Federal Reserve, with higher borrowing costs to follow. The government’s consumer price index soared 9.1% over the past year, the biggest yearly increase since 1981, with nearly half of the increase due to higher energy costs. (The Associated Press)
 
The BA.5 Variant is Spreading, and Your COVID-19 Immunity May be Helpless
It’s the most infectious strain yet, coming even as many people have written off the pandemic. BA.5, now the dominant coronavirus subvariant in N.J. and the U.S., has shown resistance to COVID-19 vaccines. Worse, prior immunity doesn’t seem to be the shield it once was. A recent infection appears to offer reduced or even no protection against the strain. (nj.com)
 
White House Urges Caution on COVID-19 Variants, Pushes Boosters
The White House is calling on people to exercise renewed caution about COVID-19, emphasizing the importance of getting booster shots and wearing masks indoors as two new highly transmissible variants are spreading rapidly across the country. (The Associated Press)
 
FDA to Authorize Novavax's COVID-19 Vaccine
The FDA is expected to authorize Novavax's COVID-19 vaccine. It relies on a protein-based technology used for decades. It may appeal to the population allergic to components of messenger RNA vaccines or who are skeptical of those shots’ newer technology. (POLITICO)
 
New and Used Cars are Still Hard to Get, and Getting Your Car Fixed is No Picnic Either
You want to save money and fix your car instead of buying a new one? Heads up: The manager of a New Jersey repair shop said spare parts are backlogged, and hundreds of cars and trucks are sitting idle, unfixed. In the meantime, thieves have stolen catalytic converters from trucks parked on his lot. It’s the same crisis at body shops and service bays across New Jersey and the nation. Because of a microchip shortage, vehicle parts from China can spend 90 days “on the water” before even getting to the U.S. (NJ Spotlight News)
 
Looking to Get Vaccinated? Here's an Easy Way to Find COVID-19 Vaccines Near You.
Just punch in your area code. You can even search for a specific vaccine. (vaccines.gov)
 
Were you forwarded this newsletter? For more information about the N.J. Chamber, email [email protected]
 
Business Resources
 
Vaccine Guide for Businesses (U.S. Chamber of Commerce)
 
 
 
Guide to Starting a Business in N.J. (New Jersey Business Action Center)
 
 
Jobs and Hiring Portal Job Seekers | Employers (State of N.J.)
 
The Best Tool for Your Business - Membership in the N.J. Chamber
 
The N.J. Chamber provides members with guest speakers, webinars, networking opportunities and discount programs that help businesses grow. The N.J. Chamber also advocates for pro-growth and pro-business legislation.
 
 
You are welcome to share this newsletter via email, social media or on your organization's website. Please credit the New Jersey Chamber of Commerce with a link to http://njchamber.com.
 
The New Jersey Chamber of Commerce is staying on top of pandemic and economic recovery developments. For news media requests, please email Scott Goldstein.
 
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New Jersey Chamber of Commerce | 216 West State StreetTrenton, NJ 08608