By Andrew Asch | December 22, 2020
After months of wrangling, Congress passed a $2.3 trillion COVID-19 relief stimulus bill Monday, which will include $600 checks sent to individuals earning less than $75,000 annually and a second round of payment protection plan funds for small businesses.
Industry Focus: Finance
The United States House of Representatives approved a $2 trillion stimulus bill on March 27 as a response to the impact of COVID-19.
Since the COVID-19 crisis began, business consultants have been fielding questions regarding how companies can navigate the financial slowdowns that will impact their companies during the next quarter and beyond.
Economists at the prominent UCLA Anderson School of Business revised their bullish forecast on the California and U.S. economies on March 12.
Findings in the “2020 Otis Report on the Creative Economy,” commissioned by the Otis College of Art and Design and generated through the work of Beacon Economics, revealed that of California’s 2.68 million creative-industry jobs, 797,075 are located in Los Angeles County. Now in its 13th edition, the report provides insight regarding the growth of California’s creative economy.
Following a great deal of uncertainty as the apparel industry approached the fourth quarter of 2019, businesses entered 2020 with cautious optimism. While the warnings of a recession had turned around, with forecasters revising their predictions for the new year and progress with trade deals including the finalization of the United States–Mexico–Canada Agreement, in addition to advancement toward an agreement with China, additional concerns remained.
On Dec. 4, the influential UCLA Anderson School of Management raised its 2020 forecast for the U.S. and California economies from 1 percent real growth to 1.7 percent due to low unemployment and high consumer confidence and spending.
Over the course of 2019, financial uncertainty subsided a bit as consumers set new records on spending and economic forecasters revised initial predictions in favor of increased optimism through the end of the year. Despite a continuing conflict with China and potential tariff issues with other trade partners, the United States economy saw bright spots.
During 2019, a consistent trend within the apparel industry took shape not just on the fashion front but also the business end of garment making.
As Republic Business Credit continues its California expansion, the financing-and-factoring firm announced its acquisition of factoring and asset-based lender Continental Business Credit as well as Fast A/R Funding.
Following its approval by the Office of the Comptroller of the Currency, New York–headquartered financial-holding company CIT Group Inc. announced that it would complete the acquisition of Mutual of Omaha Bank, which is based in Omaha, Neb.
The U.S. and California economies are slowing down, according to the UCLA Anderson Forecast titled “The Year of Living Dangerously,” which was released Sept. 26, but the slowdown has bright points that other economies would envy.
Industry Focus: Finance—How would you advise your apparel-industry clients to prepare for a potential recession?
Around the globe, trusted economic forecasters are predicting a slowdown over the next year, yet there is disparity regarding whether they feel a recession will occur. As previous spans of negative economic growth have shown, the most effective method of navigating through recessionary periods is to prepare in advance, expecting the worst while hoping for the best.
During the struggle to secure a dwindling sense of brand loyalty among Millennial and Generation Z consumers, brands must devise a comprehensive strategy to tell their stories.
The U.S. economy got some mixed news this week. First-time unemployment claims rose this week, according to the U.S. Department of Labor. But median weekly earnings of full-time, salaried workers also increased, according to a statement from the U.S. Bureau of Labor Statistics.