Recently, New York Gov. Kathy Hochul signed the state’s 2022-23 budget package, S.B. 8009. The budget sets forth a myriad of legislative changes to the state’s personal income, corporate franchise, sales and use, motor fuel, property and miscellaneous tax provisions. This alert will address some of the more significant provisions enacted that are applicable to…
By Diane C. Swonk, Chief Economist, Grant Thornton The pandemic, the war in Ukraine and escalating geopolitical tensions with Iran are all extraordinary events. I have likened each to being hit by a meteor, which knocks the global economy off its axis. They have suspended the rules of gravity by increasing the risk of inflation…
By Gary Brode The U.S. Bureau of Labor Statistics reported a May Consumer Price Index (CPI) of 8.6%. This was above last month’s 8.3%, representing an increase in inflation as opposed to the hoped-for decrease. Market forecasters were expecting 8.2%. and Yahoo Finance described the 8.6% number as “unexpectedly” high. This wouldn’t have been “unexpected” to…
By Corey Parker and Shelby Iager, Baker Tilly At the Society of Corporate Compliance and Ethics’ (SCCE) annual Higher Education Compliance Conference in June 2021, a diverse set of college and university compliance professionals shared their perspectives on a variety of compliance topics. Baker Tilly facilitated a panel discussion with compliance leaders from two private universities…
To stop inflation in its tracks, central banks have to prevent higher inflation feeding through into ever higher prices and wages By Ian Stewart, Deloitte With UK inflation at the highest level in 40 years and set to hit the 10% mark later this year, households are seeing an acute squeeze on spending power. On Friday,…
The Connection Between Mental Health & Engagement Mental health has shot up the list in Grant Thornton’s most recent State of Work in America survey. Employers that want to win the war for talent need to understand the stressors impacting their people and what they can do to help manage them. Unfortunately, too many employees…
By Yelena Maleyev, Economist, Grant Thornton New home construction, known as housing starts, fell in April after March activity was revised lower. Losses in construction were concentrated in single-family homes; multifamily starts jumped to a 36-year high. The total number of units (single and multi) currently under construction hit a record high at 1.64 million;…
A Grant Thornton Report Last March, inflation was at 2.7%, workforce shortages weren’t yet a concern and many organizations hoped their supply chain woes were temporary pandemic anomalies. This March? Inflation has roared to 8.5%, there are 1.9 workers for every job opening, supply chains are still tangled—and the Russian invasion of Ukraine has added…
By Diane Swonk, Chief Economist, Diane Swonk “Nearly 100% of people are affected by high inflation; it punches a hole in the bank accounts of nearly everyone, those with and without jobs, those living on fixed incomes, underemployed, everyone.” Famed political analyst Charlie Cook argued that at the 38th Annual Policy Conference of the National Association for…
By Yelena Maleyev, Economist, Grant Thornton New home construction, known as housing starts, ticked up slightly in March after being revised higher for February. Starts now sit at the highest level since June of 2006. Builders continue to face challenges including lack of labor and land to build on, in addition to higher costs and…
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