Incentive sought: East Baton Rouge software service startup 365 Labs LLC has applied for an incentive through Louisiana’s Quality Jobs Program, which would cover the purchase of servers and computer equipment as well as the build-out of office space for future job growth. The company estimates it will create 50 new jobs, with an estimated new payroll totaling $5 million. It would also support 10 construction jobs.
Customer gains: Digital banks including Chime, Varo and Current are gaining more U.S. customers during the coronavirus pandemic by processing stimulus payments quickly, setting them apart from traditional banks and generating valuable word-of-mouth referrals, Reuters reports. In some cases, the companies prefunded deposits they expected their customers to receive from the Treasury Department. In others, they received funds quickly and sent them through faster than traditional banks, generating praise from individuals. Read the full story.
Inflation: U.S. consumer prices rose 0.4% in December, led by a sharp rise in gasoline prices. Last month’s increase, the largest in four months, followed a 0.2% rise in November and no change in October, according to Labor Department numbers released this morning. Inflation for all of 2020 rose a modest 1.4%, well below the Federal Reserve’s 2% target. Analysts believe inflation will remain subdued with the U.S. economy still unable to break out of a pandemic-induced downturn. Read the full report.
Editor’s note: This story has been updated since originally published to reflect that 365 Labs LLC is not seeking a $1 million incentive through the Quality Jobs Program. Daily Report regrets the error.