Article Number : 4769 |
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| Date | 8/21/2009 8:38:19 AM |
| Written By | LGM & Associates Technical Flooring Services |
| View this article at: | //floorbiz.com/BizResources/NPViewArticle.asp?ArticleID=4769 |
| Abstract | GOOD SIGN: Federal Reserve chairman Ben Bernanke and his colleagues are expected to hold a key lending rate at a record low when they meet later this week. The vigilant policymakers also will weigh whether to extend some programs that were created to... |
| Article | GOOD SIGN: Federal Reserve chairman Ben Bernanke and his colleagues are expected to hold a key lending rate at a record low when they meet later this week. The vigilant policymakers also will weigh whether to extend some programs that were created to ease the financial crisis. The Feds agree the economy is strengthening but still fragile and though the recession is winding down, the pain isn’t over. Though the unemployment rate dipped to 9.4% in July—the first drop in 15 months—economists predict it will start climbing again and many feel it could still top 10% this year. For months, consumers have pulled back on spending and borrowing, and in an attempt to stimulate economic activity, the Fed is all but certain to keep the target range for its bank lending rate between zero and .25% at its two-day meeting Aug. 12 and 13. GOOD NEWS: The Newspaper Association of America (NAA) announced that a recent survey found 59% of adults identify newspapers as the medium they use for planning, shopping and purchasing decisions. NAA president and CEO John Sturm said, “…while new technologies have their place in any total marketing program… newspaper advertising remains the most powerful tool for advertisers who want to motivate consumers to take action.” The study also showed consumers’ primary medium for checking advertising in 2009: Newspapers, 41%; Internet, 21%; direct mail, 14%; television 8%; catalogs, 6%; magazines, 3%; radio, 2%, and none of these, 5%. This, of course, flies in the face of those experts who claim newspapers are diminishing around the country and are in fact endangered and headed for extinction. We’ll see. CHOW TIME: Here’s a Congressman with table manners. Rep. Neil Abercrombie (D-Hawaii) has introduced legislation that would increase the federal tax deduction for business meals from 50% to 80%. The measure would make changes in the tax code for legitimate business deductions and help local restaurants and small businesses. That’s a tasty morsel served up by the Congressman and profoundly appreciated by the National Restaurant Association, which feels the legislation “will help restore, sustain and create jobs and provide a tremendous boost to the economy.” The move will also be a boon to small businesses, many of which will add a drink and dessert to their menu and toast Uncle Sam. TEE TIME: Save the date— Sept. 24. That’s when CCA Global Partners and the Floor Covering Industry Foundation (FCIF) will hold its sixth annual Alan Greenberg Charity Golf Tournament. Proceeds from the event will benefit the FCIF, which cares for industry members who have been catastrophically stricken or suffered other life-altering medical hardships. This year, the tournament will be at a new location, Barnsley Gardens, located 60 miles north of Atlanta, in the foothills of the Blue Ridge Mountains. It’s important that the industry support this initiative, especially important to our less fortunate colleagues, who are still with us because you are with us. For information or reservations, contact Paula Holt at 800.466.6984, ext. 1101m or pholt@ccaglobal.com. BANK JOB: Here’s a dealer on top of things. Al Smith, owner of Dalton Ga. Carpet Outlets in Fairfield, Ohio, is living on the roof of his store until a bank loan comes through to save his company. He says his business was approved in November for a loan from Fifth Third Bank but the loan kept getting pushed back and he was finally told he would not get the funds. He already closed four of his six stores and is trying to save the other two. He set up a tent, a radio and some chairs and has been living on the roof for more than a week and has survived strong rainstorms. He’s determined to make his point: When the bank let him down, he hit the roof. |