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Warning Signs Emerge for Fundraisers in Latest Economic Reports
Some warning signs have started flashing for fundraisers in the
Chronicle’s monthly update on key economic indicators. While overall growth remains strong, consumer confidence fell, the stock market was flat, and unemployment remains stuck well above pre-pandemic levels.
The following indicators, which experts say are important to nonprofits showed notable developments since our previous economic update.
Consumer Confidence
Down 6.2 percent from April
Consumers were a bit shaken by forecasts of higher inflation possibly to come this year, which could put a dent in their spending power just as the economy is reopening, according to the University of Michigan’s preliminary May 2021 Consumer Sentiment Index, which dropped from 88.3 in April to 82.8 in May out of a possible maximum score of 100.
2021-05-05 22:06:05 GMT2021-05-06 06:06:05(Beijing Time) Xinhua English
WASHINGTON, May 5 (Xinhua) Private companies in the United States added 742,000 jobs in April, indicating continued labor market recovery, payroll data company Automatic Data Processing (ADP) reported Wednesday. The labor market continues an upward trend of acceleration and growth, posting the strongest reading since September 2020, said Nela Richardson, chief economist at ADP.
Richardson noted that service providers have the most to gain as the economy reopens, recovers and resumes normal activities and are leading job growth in April.
The service-providing sectors added 636,000 jobs in the month, according to the report, which was produced by the ADP Research Institute in collaboration with Moody s Analytics.
People eat at restaurants in Pittsburgh s Schenley Plaza on Sunday, May 2, 2021.
During a pandemic recession that has hammered the service industry, Gov. Tom Wolf’s administration is attempting to sell its minimum wage proposal by focusing on tipped workers.
In Pennsylvania, the tipped minimum wage is $2.83 cents an hour, an amount set in 1998.
As a part of his annual budget, Wolf proposed raising the minimum wage for the seventh consecutive year. That plan calls for raising the minimum wage to $12 an hour on July 1, and then gradually raising it every year until it reaches $15 an hour in 2027. That proposal would also eliminate the existence of a separate, lower tipped wage, something long sought by the group “One Fair Wage.”
WHYY
By
Orange barriers enclose chairs and tables that will be used for dining along Sixth Street between Liberty and Penn avenues on Tuesday, June 23, 2020 in downtown Pittsburgh. (AP Photo/Gene J. Puskar)
During a pandemic recession that has hammered the service industry, Gov. Tom Wolf’s administration is attempting to sell its minimum wage proposal by focusing on tipped workers.
In Pennsylvania, the tipped minimum wage is $2.83 cents an hour, an amount set in 1998.
As a part of his annual budget, Wolf proposed raising the minimum wage for the seventh consecutive year. That plan calls for raising the minimum wage to $12 an hour on July 1, and then gradually raising it every year until it reaches $15 an hour in 2027. That proposal would also eliminate the existence of a separate, lower tipped wage, something long sought by the group “One Fair Wage.”