More prospective new businesses were formed in 2020 than ever before

• Bloomberg reports that the number of prospective businesses filing formation paperwork was almost a quarter higher in 2020 than 2019, citing a Census Bureau analysis of federal tax documents.
• While paperwork initially dropped after lockdowns began in March, it began to pick up in June.
• University of Maryland economist John Haltiwanger told Bloomberg that 2020 had the "highest annual total on record." 
• Some may be creating businesses after losing a job: Over 10 million Americans are unemployed, and the unemployment rate in December was 6.7%.
• Small businesses have found themselves in a tough position as bigger businesses boom, but the rise in new business formation — and the possibility they'll bring in new employees — is promising.
• For those looking to start a business right now, industries like fitness equipment, contactless food ordering, and educational technology are all strong bets.
• Visit Business Insider's homepage for more stories.

Nordstrom’s Holiday Sales Drop About 22% to Cap Tough Year

Nordstrom Inc. reported a sharp drop in holiday sales, but the worst could be behind it as it says demand has continued to strengthen in the new year.

Net sales tumbled about 22% during the nine-week holiday period ended Jan. 2 compared to last year. The company, which operates both the high-end Nordstrom chain and discounter Nordstrom Rack, said its November and December sales were in line with expectations for the fourth quarter.

The department-store sector had a difficult 2020, with store closures and demand for more online fulfillment driving shoppers to websites like Amazon.com Inc. and Walmart Inc. Nordstrom was able to pick up more digital shoppers this holiday, too, accounting for 54% of total sales compared with 34% from the same period in 2019, but incremental customer spending went disproportionately to online and big-box retailers this season.

Still, December sales were up from November levels, “with momentum continuing into January,” it said in a statement.

Nordstrom shares fell as much as 5.2% after the close of regular trading.

Webster Financial Reports Q4 Adj. EPS Of $0.99 – Quick Facts

Webster Financial Corp. (WBS) reported fourth quarter earnings per share of $0.64, compared to $0.96, a year ago. The company noted that earnings per share would have been $0.99 for the quarter ended December 31, 2020, adjusting for charges related to strategic optimization initiatives. On average, 12 analysts polled by Thomson Reuters expected the company to report profit per share of $0.71, for the quarter. Analysts’ estimates typically exclude special items.

Fourth quarter revenue was $293.7 million; $297.4 million excluding hedge termination costs related to debt prepayments. Analysts expected revenue of $228.63 million, for the quarter. Net interest income was $216.9 million compared to $231.3 million, previous year.

Biden demands decency, promising staff 'I will fire you on the spot' if they disrespect others

• President Joe Biden is demanding that his staff treat others with dignity.
• "If I hear you treat another colleague with disrespect, talk down to someone, I promise I will fire you on the spot," he said.
• The comments were made during a swearing-in ceremony for hundreds of new staffers.
• Visit Business Insider's homepage for more stories.

President Joe Biden is pledging to restore dignity to the US government, telling his new staff that they will have to find another line of work if he finds them treating others poorly.

"I'm not joking when I say this: If you're ever working with me and I hear you treat another with disrespect, talking down to someone, I will fire you on the spot," Biden said Wednesday. "On the spot. No ifs, ands, or buts."

The president's remarks came during a virtual swearing-in ceremony for hundreds of new government employees.

"You're engaged in and you're working with the most decent government in the world. And we have to restore the soul of this country, and I'm counting on all of you to be part of that," Biden said.

"The only thing I expect with absolute certitude is honesty and decency," he added.

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Treasury Announces Details Of This Month’s Twenty-Year Bond Auction

The Treasury Department on Thursday announced the details of this month’s auction of twenty-year bonds.

The Treasury revealed that it plans to sell $24 billion worth of twenty-year bonds, with the results of the auction due to be announced next Wednesday.

Last month, the Treasury also sold $24 billion worth of twenty-year bonds, drawing a high yield of 1.470 percent and a bid-to-cover ratio of 2.39.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

Since being reintroduced in May, the seven previous twenty-year bond auctions had an average bid-to-cover ratio of 2.42.

Badger Meter Acquires Private-held Analytical Technology For $44 Mln – Quick Facts

Badger Meter, Inc. (BMI) said Friday it has acquired Analytical Technology, Inc. or ATi, a privately held provider of water quality monitoring systems, for $44 million. The company funded the acquisition with its available cash.

Collegeville, Pennsylvania-based ATi specializes in the manufacture and distribution of water quality instruments based on electrochemical and optical sensors. The company’s technology is also used to detect toxic gasses used in water treatment and other applications.

ATi solutions are deployed predominately in the U.S. and Europe. The company generated 2020 revenue of about $22 million.