October 2018 Short Bits

VACATION DAYS

The Bureau of Labor Statistics reports that private industry workers received an average of 15 paid vacation days after five years of service in 2017. The number of vacation days rises slowly with time, with workers receiving an average of 17 days after 10 years and 20 days after 20 years.

INFLATION INFLATING

If you think the dollar doesn’t stretch as far as it used to, you may be right. Inflation is up 2.9% or 2.3%, depending on what economic indicator you want to use. The rate of the annual increase in the cost of living in June 2018 hit 2.9%, according to the consumer price index (CPI). Alternatively, you can gauge inflation by the increase in the core CPI (which doesn’t count food or energy costs) of 2.3%.

BUSINESS CONFIDENCE SOARS

If you’re the typical small business owner, you’re feeling pretty good about your prospects these days. The National Federation of Independent Business’ Small Business Optimism Index posted its sixth highest reading in survey history in June 2018 at 107.2. This was strong compared to the 45-year-average of 98, but 0.6% lower than May’s reading.

TAXING PROBLEM

The Supreme Court ruled this summer that South Dakota could levy a 4.5% internet sales tax on companies with more than $100,000 in sales or 200 individual transactions in the state, even when the companies don’t have a physical presence in the state. This could pose problems for companies with significant internet sales if they have to comply with similar regulations throughout the country.