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US Business Newsletter
February 01 - February 28, 2022
Greetings from Consulate General of India,
New York!
Welcome to the February 2022 edition of our newsletter, bringing you important policy and high-impact news.
We hope you find it useful.
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There are now 1,000 Unicorn Startups
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The term unicorn emerged almost a decade ago, a time when startups worth $1 billion were rare and treasured. Now the production of unicorns is reaching the scale of industrial agriculture. Productboard [an anecdote in the story] was particularly notable in one way, though: It became the 1,000th unicorn, marking the first time the herd has crossed into four digits, according to start up-tracking service CB Insights. That same week, six other companies became unicorns. In January 2022, 42 starups became unicorns.
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U.S. Business Activity Bounces Back While Inflation Intensifies
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U.S. business activity bounced back in early February 2022 from an 18-month low as a decline in Covid-19 cases rejuvenated demand, while inflationary pressures intensified. The IHS Markit flash composite purchasing managers index advanced 4.9 points to 56, the group reported Tuesday, February 22, 2022.
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More than five years after Goldman Sachs started its consumer-focused Marcus division, the company said it would begin offering perhaps the most essential of banking services.“Checking is an important piece that will be added to the puzzle in 2022,” David M. Solomon, the bank’s chief executive, said in an interview Thursday. Such accounts are the starting point for consumers to seek other financial services and will allow Goldman to build “a real digital bank,” he said.
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Walmart navigated rising inflation and fickle consumer confidence in its fourth quarter, as sales rose and profit increased, beating analysts’ expectations. The nation’s largest retailer said on Thursday, 17 February 2022, that its total revenue rose to $152.9 billion in the three months ending in January, up 0.5 percent from a year earlier, while operating income increased 7.3 percent to $5.9 billion. The company reported earnings per share of $1.53, which was higher than the $1.50 many analysts expected.
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Planes, Cranes, and Barges: How America Is Adapting to Supply Chain Chaos
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On the outskirts of Columbus, Ohio, where the remains of a 200-year-old canal built to connect Cleveland with Cincinnati snake around new warehouse parks, a modern tributary of the global economy widens a little more with each planeload of goods that roars down its runways. Rickenbacker International Airport was a bustling hub for air freight well before the pandemic—a day’s truck drive to half of the U.S. population, so the slogan goes. In the past two years, another role emerged: economic relief valve for auto parts, consumer products, and pharmaceuticals to flow around the more prominent but clogged arteries of U.S. trade.
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Housing prices are booming in U.S cities- just not San Francisco or New York
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From Pittsburgh to Detroit and Phoenix, condos and townhouses within stumbling distance of bars and restaurants are hot. Like the families now upgrading to bigger suburban homes, young white-collar workers are taking advantage of record-low mortgage rates and flexible remote-work policies to move to desirable cities with relative affordability. Home prices in urban U.S. markets rose 15% in the three months through late January 2022, slightly ahead of the annual pace in suburbia, according to data from brokerage Redfin, based on geographic designations developed by the Census Bureau.
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Address: Consulate General of India,
3 East 64th street (Between 5th and Madison Avenues),
New York, NY 10065
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