Big Take
It’s About to Get Hot. Small Businesses Will Pay the Price
May 9, 2024
Bloomberg economics reporter Catarina Saraiva discusses the economic impact of rising temperatures on small businesses in the US. The podcast explores the financial challenges faced by these enterprises, the potential workforce repercussions, and the government's role in addressing the issue.
14:24
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Quick takeaways
- Small businesses face financial strain due to hotter summers impacting profit margins.
- Adaptation strategies and government support are essential for small businesses affected by climate-related challenges.
Deep dives
Impact of Rising Temperatures on Small Businesses
Small businesses across the U.S. are feeling the financial impact of hotter summers. With temperatures soaring above average, business owners are facing challenges like increased electricity bills, reduced foot traffic, and rising costs of goods due to climate-related factors like fewer available lobsters. This situation is particularly tough for businesses that operate on thin profit margins, highlighting the broader economic implications of extreme weather conditions.
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