Small businesses set to fully open across country
Morning Business Report
March 19, 2021
A majority of the U.S. small businesses are now fully open as shutdown restrictions lift across the country.
Kabbage — an American Express company — found that 57 percent of small businesses were fully open.
The high reopening rate is partly due to a shift to online operations during the pandemic, with one-third of businesses saying they now exclusively sell online or have shifted to both online and in-person operations.
Google isn’t giving up on the work office.
It will spend $7 billion this year on expanding its footprint of offices and data centers across the U.S.., including pouring $1 billion into its home state of California.
The search-engine giant said it would hire at least 10,000 new full-time staff over the course of the year in anticipation of a post-pandemic recovery in the U.S.
Technology shares led the U.S. stock market lower
Interest rates inched higher causing nervousness about the recovery.
The Nasdaq fell 3 percent. Stocks also fell as Europe experiences an uneven vaccine rollout.
Congested ports in the United States and ongoing store closures in Europe weighed on Nike’s sales.
In North America, revenue dropped 10 percent year over year, as Nike said shipments have been delayed by more than three weeks.
But Nike continued to see momentum online. Its e-commerce sales surged 59 percent during the period.
FedEx’s profit nearly tripled over the holidays as online ordering soared.
The delivery company was busy even as winter weather slowed it down.
It also helped deliver vaccines to hospitals and clinics.