Dear Chamber Members:
Although public safety is always top of mind these days, the economy, more specifically the effects of inflation, needs real consideration and action. Last week the Federal Reserve increased interest rates another 0.75 in hopes of cooling off the US economy. And it appears to be working as we see a contracting economy for the second quarter. As jobs remain hard to fill and supply chains remain less than fully efficient, inflation has risen to levels not seen in decades.
This reduces the otherwise positive impact of increased wages, increases costs like rent and negatively affects any business sensitive to higher interest rates. This is why, at least partly, some companies depart from Hollywood. The news, however, is not all negative. We have full employment, which keeps the US consumer in the market.
Given this backdrop, we think it vital that we support our member businesses to adjust and learn in this changing economy. We are working with our city partners in law enforcement and social services to promote public safety. Additionally, we are launching our business coaching program in August.
As you may recall from our last newsletter, our chairman announced her support for this critical and innovative initiative. Each month the Chamber will highlight businesses that have demonstrated growth and ask them to share beneficial insights.
Our first session will touch upon how you might better use social media to reach your customers more efficiently. Our objective is to provide insights on how to inflation-proof your business. As our coaching practice develops, we want to be your partner in better running your enterprise in the longer term.
Enjoy the rest of the newsletter, and we do hope you have a great summer. Do not forget to sign up for our Economic Development Summit on August 25, 2022. The summit is devoted to how we might rebuild and reimage business in Hollywood. We hope to see you at one of our events, and do let us know if you have any comments.