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The latest Paychex | IHS Markit Small Business Employment Watch reveals small business hiring has moderated, with the Jobs Index declining 0.13% to 94.32 in October, marking a 3.89% drop year-over-year.
Despite this, hourly earnings grew by 2.88% and weekly hours worked increased by 0.38% compared to last year. Job growth in the South is the strongest, while the West sees a decline of 0.26% this month. The report emphasizes the need for a new federal stimulus to aid struggling small businesses affected by the ongoing COVID-19 pandemic.
According to IHS Markit Vice Chairman Daniel Yergin, electric vehicles (EVs) could account for 60-80% of new car sales by 2050, up from just 2.2% in 2020. The transition will be fueled by advancements in battery technology, with lithium-ion cell costs projected to drop below $100 per kilowatt hour by 2023. Despite this growth, gasoline vehicles will still dominate the road due to the long turnover of the existing fleet. Yergin warns that regulatory pressures could impose $40 billion in fines on European automakers if emissions targets are not met, suggesting a shift driven more by regulation than consumer demand.
The United States is projected to lead corporate-driven renewable energy projects, with 44-72 GW of wind and solar additions forecasted from 2021-2030, as per IHS Markit's analysis. Corporate Power Purchase Agreements (PPAs) will account for about 20% of utility-scale renewable power additions during this period, averaging 4.4-7.2 GW annually. Approximately 220 U.S. companies are currently engaging in renewable procurement, with about 40% having ambitious targets for the early 2020s, showcasing significant growth potential beyond the tech sector.
The Prime Minister of India, Hon. Shri Narendra Modi, is set to inaugurate the India Energy Forum by CERAWeek from October 26-28, 2020. This significant event, hosted by IHS Markit (NYSE: INFO), will gather influential figures from the international energy sector, including ministers and executives from major companies. Key discussions will focus on India's energy demand post-pandemic, supply security for economic growth, and the implications of energy transitions. The forum aims to position India as a critical player in the global energy landscape.
IHS Markit (NYSE: INFO) announced a quarterly cash dividend of $0.17 per share, payable on November 16, 2020, to shareholders on record as of October 30, 2020. The Markit Group Holdings Limited Employee Benefit Trust has waived its right to receive dividends for common shares. The announcement reflects IHS Markit's commitment to returning value to shareholders.
ROCHESTER, N.Y., Sept. 29, 2020 /PRNewswire/ -- The latest Paychex | IHS Markit Small Business Employment Watch indicates a 0.06% increase in national hiring and 0.36% in the Northeast, with the national jobs index at 94.44. Small business wage growth slowed to 3.14%, while weekly earnings growth remained steady at 3.86%. The Northeast saw its largest job growth since 2019, with construction leading the sector growth. However, job growth in the West is declining.
The latest CARFAX report indicates a rise in the number of vehicles with open safety recalls, reaching over 55.7 million in 2020, a 5% increase from 52.7 million in 2019. Pickup trucks and cars are among the most affected categories. Key states with the highest recall percentages include Texas at 26.8% and California with 6.8 million recalled vehicles. CARFAX emphasizes the importance of addressing these recalls to enhance road safety and highlights its role in providing free monitoring services.
SecurityScorecard has partnered with IHS Markit (NYSE: INFO) to integrate cybersecurity ratings into IHS Markit's KY3P platform. This collaboration aims to provide clients with a comprehensive view of cyber risks, enhancing third-party risk management. SecurityScorecard's technology will allow organizations to make informed risk decisions more swiftly by analyzing global threat signals. The partnership includes a commercial agreement for IHS Markit to resell SecurityScorecard's services, benefiting clients, particularly in regulated sectors like financial services. SecurityScorecard has rated over 1.5 million companies globally.
automotiveMastermind has integrated its Market EyeQ sales platform with CARFAX History-Based Value (CHBV), enhancing dealers' trade-in vehicle evaluations. This integration, part of IHS Markit (NYSE: INFO), allows the use of CHBV, which utilizes over 24 billion vehicle records for accurate valuations based on VIN-specific history, market conditions, and driver details. By providing retail, wholesale, and certified prices for vehicles from 2000 onwards, it aims to assist dealers in managing inventory amidst rising prices and consumer demand for pre-owned vehicles.
