Financial Transaction Tax Would be Bad for Chicago

By Torrey and Gray | February 26, 2020

In an ongoing proposed new tax for Illinois traders, the proposed Illinois House Bill 23 has been assigned to the Illinois House Revenue and Finance Committee for review https://trackbill.com/bill/illinois-house-bill-23-financial-transaction-tax/1619965/  It claims to promote job growth (presumably by exempting the tax on trades executed via open outcry) and economic stability but places the foremost reason for the tax being the fact that “Illinois currently faces a serious budget crisis.”  as stated in the second sentence of the bill proposed by Mary Flowers.  Apparently Ms. Flowers does not understand that electronic trading can be conducted from any place on the planet and…

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Immigration a Major Strength for U.S. Economy

By Torrey and Gray | January 17, 2020

Thankfully the U.S. have the most immigrants in the world – 46.6 million people, almost 4 times the next highest country (Germany at 12 million).  This is the main factor offsetting our below-replacement birth rate.  Here are the numbers from immigration services – over 577,000 people granted permanent residence.  Other countries are not as fortunate. https://www.uscis.gov/news/alerts/uscis-final-fy-2019-statistics-available We still have a relative shortage of skilled and highly educated workers. Illinois is benefiting from this statistic, however, more evidence indicates state mismanagement and higher taxes are driving out some of the most productive residents. However, the possibility of adopting a “progressive” tax…

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Not Enough People or Not Enough Jobs?

By Torrey and Gray | November 7, 2019

If new hire numbers are flat or declining – what is the cause?  Some say constant trade talks with China spook long term projected economic growth.  Others contend there are fewer new hires because jobs are going unfilled. Today’s Wall Street Journal article discusses the interplay of these two forces. https://www.wsj.com/articles/wsj-survey-economists-split-on-causes-of-hiring-slowdown-11573138800 Longer term, U.S. demographics will weigh heavily on economic growth.  U.S. birth rate per woman is below what is required to maintain a stable population.  (But we are better off than Europe, China and Japan). Without continual and even expanded immigration population gains, our economy will eventually mirror that…

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Why Are Banks Afraid To Lend To Each Other (Even Just For One Night?)

By Torrey and Gray | October 24, 2019

A few weeks ago, The Fed offered $75 Billion in the overnight repo market.  $80 Billion was requested.  Some bank (or combination of banks) needed $5 Billion overnight to remain solvent and they could not get the money. Now, the program is being expanded to $125 Billion.  What is going on?  Do banks not believe their underlying assets are not yet marked to market? Click here for the Wall Street Journal Article: https://www.wsj.com/articles/fed-boosts-amount-of-liquidity-offered-to-financial-system-11571924640?mod=hp_lead_pos5 Torrey & Gray can help you find finance and accounting professionals that can navigate your business through these turbulent economic waters. Business is good – but how…

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Upcoming Change to Payroll Rule Increases Pay Threshold for Overtime

By Torrey and Gray | September 27, 2019

In 2016, the Obama administration proposed a change to the threshold for requiring overtime pay.  It was met with fierce opposition form most states and later shelved.  Now a new rule is set to go into effect in 2020 boosting the minimum pay threshold to require overtime from $23,660 to $35,568.  This is a more moderate change compared to the 2016 proposal of over $47,000. For the WSJ article Click here https://www.wsj.com/articles/more-workers-to-qualify-for-overtime-pay-11569330000 Torrey & Gray recruits and staffs accounting and finance professionals that help your company navigate the ever changing business climate.  We place Chief Financial Officers, Controllers and other…

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Is Your Payroll Provider Actually Forwarding Withheld Taxes?

By Torrey and Gray | September 20, 2019

You have a payroll provider.  They withdraw money from your bank account.  They pay your employees and withhold taxes, but are they actually forwarding the money?  This story is a reminder that you should periodically audit your provider. For the story click here: https://www.bizjournals.com/albany/news/2019/09/16/mypayrollhr-shutdown-clifton-park-albany-banks.html Torrey & Gray finds professionals who can help prevent these types of situations.  We place Chief Financial Officers, Controllers and other accounting and finance professionals.  Perhaps you have projects that never got started or finished – we have interim professionals to supplement your staff on an as needed basis.        

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Unemployment Rate Steady at 3.7% in July

By Torrey and Gray | August 2, 2019

According to a recent publication by Trading Economics, the U.S. unemployment rate held steady in July at 3.7%.  The 70 year average is 5.75%.  Unemployment for accounting related positions is typically about half of the general unemployment rates.  Smaller college entrance demographics are restricting the number of accounting grads going forward for the next 15-20 years. Torrey & Gray can help you find qualified candidates in a competitive marketplace.  We specialize in recruiting accounting and finance professionals such as CFOs, Controllers, Analysts and other related positions in the Chicago area.

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Manufacturing Activity Slowed in July to Three Year Low

By Torrey and Gray | August 1, 2019

According to this report from Reuters, U.S. manufacturing activity slowed to a three year low.  New orders are up slightly.  In speaking to one of our manufacturing clients, they cite the lack of supply of qualified and reliable production workers as an obstacle to producing and shipping all of their orders on time.  We wonder whether extreme low unemployment negatively impacts manufacturing production over time.  For the full reuters article, click here. Torrey & Gray helps companies find qualified employees such as CFOs, Controllers and other accounting and finance staff in times of low unemployment.  Contact us today to discuss…

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Clicks on Job Ads Can Measure Wage and Worker Demand

By Torrey and Gray | July 31, 2019

According to a study by the Central Bank of Ireland, which measured clicks on job board indeed found strong inverse correlation to the scarcity of job seekers and upward pressure on wages.  Fewer clicks meant worker scarcity and therefore increased wage demand for many job categories.  If you are relying on ad clicks for your recruiting strategy, you are not finding the best candidates.  For access to top talent for accounting and finance professionals such as Controllers and CFOs, contact Torrey & Gray.  Torrey & Gray is a best practice Chicago area recruiting and staffing firm for Accounting and Finance…

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Bitcoin Mentioned for Possible Inclusion in Bank Stress Test Criteria

By Torrey and Gray | March 5, 2019

Bitcoin may become a risk requirement for future bank stress testing.

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