The Morning Business Report is sponsored by Access Health CT Small Business.
(WFSB) – Here is the Morning Business Report for March 5.
Unemployment
Weekly jobless claims in Connecticut rose slightly last week.
Just over 6,700 people filed for first time jobless benefits, an increase of 585.
For perspective, a year ago, the same week saw 4,300 filings which was just before everything shut down due to the pandemic.
Spring break
The spring break season is traditionally the first major travel period of the year, but only about one in eight Americans plans a spring break trip this year.
Destination analysts said the data suggests that Americans remain wary about traveling amid the COVID-19 pandemic, and that they may prefer to defer their travel plans until the process of vaccinating the populace is more complete.
For those who do plan to travel, the top reason is relax and escape stress.
Spending spree
The Gap CEO predicts a post pandemic spending spree.
The retailer plans on opening new Old Navy and Athleta stores.
The CEO said the second half of the year could be very strong.
Interest rates spiked again causing renewed angst.
Stock market update
The Dow lost 345 points but that was an improvement of the 700 it fell earlier in the day.
The Nasdaq is now negative for the year.
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