Economists waiting on release of economic reports this week

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Two big reports on the economy are set to be released this week — the consumer price index and small business optimism.

The Biden administration says it’s invested billions into main street and small businesses, but David Sowerby with investment firm Ancora says their optimism is still low.

They certainly had the COVID stimulus and those PPP loans that kept them in business, particularly in the summer of 2020,” Sowerby said. “But if you ask small businesses every month, they tell you candidly, it’s taxes, it’s regulation, and it’s inflation that’s giving them their biggest concern right now. And that’s what’s slowing down their intent to hire.”

Sowerby says the federal reserve is looking for an inflation number under3%. It currently sits at 3.5%.