On January 9 the United States Chamber of Commerce hosted the State of American Business address and update. This address featuring small businesses and chambers of commerce from around the country outlined the top legislative priorities for America’s business community for 2020. Presented by US Chamber of Commerce President/CEO Thomas Donohue shared an ambitious blueprint to encourage American businesses vibrancy and growth while addressing the current challenges compressing investment and job creation.
With several global economic conditions confronting the American (small) business the US Chamber focused on a few of these challenge that will be MOST prevalent in 2020. As a continuation of the most communicated challenge of the last several years workforce development, hiring, and talent pools will be at the forefront of American business concern. There are currently 32.6 million business in the United States, and there are more jobs openings then people available to fill those positions. If every one of the 3.6% unemployed American’s got hired in a new job tomorrow, there would still be job openings available. Due to the historical unemployment and wages are starting to rise becoming a contributing factor to this strong economy – even while having the tightest, most competitive, labor markets in U.S. history.
Beyond the documented challenges of the labor market the other keynote obstacle to economic growth are the (geo)political factors occurring in 2020. With the usual uncertainty that accompanies a Presidential election year, the US Chamber’s address encouraged businesses to proceed and not slow down with their business growth. Business leaders and stakeholders in the U.S. economy must not default to a mindset of stalled growth because of the election year but businesses should rise above challenge of political tantrums and be the force for America’s economic greatness. The US Chamber sees the global economy as the way to rise American economic standards by looking for customers outside of North America for trading partnerships and pushing elected officials to limit the damaging impact of multi-national tariffs.
To read more about the State of the American Business address and US Chamber’s forecast for the American economy in 2020 please follow the link to read the follow transcript. There you will be able to find the full transcript of Thomas J. Donohue’s speech on the State of American Business.