Criticism of supplemental unemployment benefits, startups going from PPP to SPAC, a stronger but more competitive job market, and a planned overhaul of New Haven’s airport are among the top business news items this morning.
National
Republicans and business groups are blaming a federal unemployment supplement of $300 a week for contributing to a weak April jobs report, saying it is providing a disincentive for people to return to work. The Biden administration is defending the expanded benefits, saying the report likely represents a temporary setback in the United States’ economic recovery and that average job growth has been strong in recent months.
Business trends
Dozens of tech startups that received a Paycheck Protection Program loan were able to receive millions of dollars through a special purpose acquisition company (SPAC), according to a Wall Street Journal report. The swift change in fortunes demonstrates how tech companies have seen a quick change in fortunes and remained robust during the COVID-19 pandemic.
New graduates are entering a stronger job market this year as employers ramp up hiring. However, they are also experiencing stronger competition as people seek to return to work and frequently join a company remotely.
Connecticut
Tweed New Haven Airport is set to undergo a series of renovations over the next four decades in an effort to make it a major transportation hub. These include the extension of a runway, construction of a new terminal, and adding routes from the new commercial airline Avelo Airlines.
