PURCHASE, N.Y. (PR Newswire) — Today, PepsiCo, Inc. (NASDAQ:PEP) announced its ambition to become “Net Water Positive” by 2030,  aiming to replenish more water than the company uses, which would place it among the most water-efficient food or beverage manufacturers operating in high-risk watersheds.

With safe water access a critical component of the holistic water stewardship agenda, The PepsiCo Foundation is also launching a new $1 million program with leading NGO and long-term partner, WaterAid to bring safe water to families in Sub-Saharan Africa – expanding its 15-year, more than $53 million safe water access initiative that reaches over 20 countries and has helped more than 59 million people since 2006.

“Time is running out for the world to act on water. Water is not only a critical component of our food system, it is a fundamental human right – and the lack of safe, clean water around the world is one of the most pressing issues facing our global community today,” said Jim Andrew, Chief Sustainability Officer at PepsiCo. “Water scarcity is directly linked to the climate crisis, and at PepsiCo we believe a global effort to be ‘net water positive’ is essential. We’re focused not only on making sure people around the world have access to this vital resource, but ensuring that we are also prioritizing water stewardship in our operations everywhere.”

Bold new goals will guide tangible operational action towards PepsiCo’s “Net Water Positive” ambition to reduce absolute water use and replenish back into the local watershed more than 100% of the water used at company-owned and third-party sites in high-water-risk areas.

Reduction efficiencies are to be met through the adoption of operational best-in-class or world-class water-use-efficiency standards[1] covering more than 1,000 company-owned and third-party facilities, with nearly half located in high-risk watersheds. Raising the efficiency standard at company-owned sites in high-risk watersheds alone will allow PepsiCo to avoid using more than 11 billion liters of water a year,[2] a 50% reduction[3] in the amount of water the company uses at these sites[4]. PepsiCo also aims to adopt the Alliance for Water Stewardship Standard[5] in all high-water risk areas where it operates by 2025.

Additionally, PepsiCo’s holistic “Net Water Positive” vision looks to deliver safe water access to 100 million people by 2030.

The PepsiCo Foundation’s new investment with WaterAid is focused on Sub-Saharan Africa and will help improve water infrastructure, build new water supply systems and equitable sanitation facilities, and promote hygiene education. It will also empower women and girls to become water, sanitation and hygiene stewards in their communities by providing them with the funding and training to maintain water access points and sanitation facilities for years to come.

This new program comes at a critical time as the COVID-19 Delta variant spreads worldwide, posing a particular risk to water-stressed communities. Many nations, like those in Sub-Saharan Africa, lack the water infrastructure or supply to prevent and treat illnesses – for instance, nearly 70% of homes in the region don’t have places for families to wash their hands with soap and water. Given the importance of handwashing and sanitizing to combat the pandemic, this leaves communities highly susceptible to spikes in COVID-19. This issue is compounded given the slow pace of vaccine distribution in the region. 

“We learned quickly at the onset of the pandemic that handwashing and proper hygiene were critical to slowing its spread, but for millions around the world, access to water remains a luxury. As a result, millions of lives remain in jeopardy and until we address this crisis the region will remain especially susceptible to viruses like COVID-19,” said C.D. Glin, Vice President, Global Head of Philanthropy at PepsiCo. “Not only does this disparity in water access contribute to the severity of the pandemic, but it also affects many other developmental goals of the region, including food production, gender equality, climate resilience and poverty alleviation. We’re proud of our continued partnership with WaterAid to bring this program to the region and are excited to be investing in the water-scarce areas that need this resource most.”

The investment in Sub-Saharan Africa represents an expansion of The PepsiCo Foundation’s long-term work with WaterAid, a leading international organization with over 40 years of experience bringing clean water, sanitation and hygiene to communities worldwide, including active programs in Colombia, India and Pakistan in partnership with The PepsiCo Foundation. This partnership is a cornerstone of The PepsiCo Foundation’s safe water access program, which has generated more than $10 in impact for every $1 invested since 2005 and catalyzed nearly $700 million in additional funding for safe water access investments in partnerships with non-profits worldwide.

“The PepsiCo Foundation is a stalwart partner of WaterAid across three continents,” said Kelly Parsons, CEO, WaterAid America. “They are funding critical programs, providing flexibility to respond to the pandemic, and shouting loudly and clearly about the importance of safe water access for the billions who lack it. We are proud to partner with The PepsiCo Foundation and are committed to doing all we can to support their goal of reaching 100 million people by 2030. Their aspiration helps us reach further and work harder on behalf of those in need.”

U.S. payrolls for July increased by a stronger-than-expected 943,000 jobs on net. Second quarter real GDP expanded at a robust 6.5 percent annualized rate. Yet, July auto sales sank to a recessionary 14.8 million units. Contradictory data this summer shows how unusual this economy is.

The huge gain in July payrolls, and the associated drop in the unemployment rate to 5.4 percent, was fueled by restaffing in leisure/hospitality and government. No doubt that those jobs are important and will generate further economic growth. But it is fair to say that the huge job gain in July does not necessarily represent a surging economy as much as it represents a re-staffing economy. 

The broadest measure of labor engagement is the employment-to-population ratio. That ratio elevated steadily in the 1960s, 1970s and 1980s as more women entered the workforce. The ratio peaked in the 2000s at about 48.6 percent. It dipped to 41.8 percent in the second quarter of last year. Since then, we have climbed back to 45.9 percent. We expect the employment-to-population ratio to continue to climb from here, but at a slower rate than the recent rebound. The ratio tends not to stabilize. Instead, it tends to show long-term and medium-term cycles. If the overall ratio is now on a downcycle after the 2007Q2 peak (big “if”), then job creation may not be as central to overall economic growth in the future. Business investment and capital deepening may become more central issues.

Another issue of concern in recent data is how seasonal adjustment mechanisms are performing when normal seasonality is overwhelmed by extraordinary events. Automakers extended their normal summer closures this year. Holiday activity was choked off in some areas due to coronavirus concerns. School calendars and work schedules have been upended. So we expect to see more unusual data in the coming months for purely mechanical reasons. We also expect to see more unusual data due to idiosyncratic issues as some businesses normalize further, some succumb to “creative destruction” and others are buffeted by new policy actions. 

The strong headline GDP numbers for the second quarter belied unsettled sub-components. Consumer spending in Q2 was boosted by fiscal stimulus late in Q1. We expect third quarter GDP to show a step down in consumer spending growth. Real business fixed investment increased in Q2 at a good-but-not-great 8.0 percent annualized rate. Business investment in structures was a drag. Real residential investment was also a drag, declining at a 9.8 percent annualized rate. International trade was a slight drag on headline GDP. Inventories are one of the big backstories in 2021 GDP. Normally, inventory accumulation adds to GDP growth at the start of an economic expansion. However, because of supply chain constraints, inventories subtracted from headline GDP in both 2021Q1 and Q2. Total real government spending was also a weight on Q2 GDP, declining at a 1.5 percent annualized rate with a noticeable contraction in federal nondefense spending. In short, it was a very abnormal GDP report, with a positive headline number due to fiscal stimulus. We look for a step down in Q3 real GDP growth as consumer spending levels out. 

Normally, with strong job growth and robust GDP expansion we would expect consumers to put the pedal to the metal on new car purchases. However, dealer lots are featuring more concrete than wheels lately due to ongoing supply chain constraints, requiring manufacturers to throttle back assembly lines. Because of recent extraordinary events, it makes more sense to look at non-seasonally adjusted auto production data than the usual seasonally adjusted data. The good news is that the “raw” vehicle production data shows increased production in May and June after the April low of an 8.668 million unit annual production rate. The pre-pandemic production rate was about 11 million. It is still too early to say that the rebound trend is enduring, but at least it is encouraging. Elevating consumer confidence, re-engaged labor, high personal savings and pent up demand will fuel strong demand once vehicles are available.

Robert Dye is vice president and chief economist for Comerica. Daniel Sanabria is senior economist for Comerica.

The number of American workers filing for first-time unemployment benefits dropped for the third straight week.

According to statistics provided by the U.S. Labor Department, some 375,000 workers filed initial claims during the last week. Except for a brief period in the middle of July, such claims have been below the 400,000 mark the last several weeks.

Statistics also showed some 2.86 people are on continuing claims. That’s the lowest that number has been since March 2020.

This week’s report comes about a week after the Labor Department reported the U.S. economy added nearly 1 million jobs in July.

Although new claims are down significantly from their weekly level of more than 1 million this time last year, they are still elevated compared to their 2019 weekly average of just over 200,000, according to the Society for Human Resource Management.

WASHINGTON (Globe Newsire) — The U.S. Small Business Administration issued 32 grant awards up to $125,000 each for specialized training, mentoring, and technical assistance for research and development (R&D)-focused small businesses under the Federal and State Technology (FAST) Partnership Program.

FAST seeks to improve outcomes in the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Programs for underserved communities by increasing participation from women-owned, rural-based, and socially or economically disadvantaged small businesses.

“As President Biden often says, great ideas come from anywhere and everywhere. Supporting all our nation’s innovative startups and increasing equitable access to federal research funding is a priority for the SBA, not just because it’s the right thing to do, but because it will build a stronger future for all of us,” said SBA Administrator Isabella Guzman.

“Our FAST Partnership Program is designed to empower the innovation ecosystem at the local level and help underserved communities gain access to SBIR and STTR, or America’s Seed Fund – the largest source of early-stage capital in the United States. FAST’s continued growth will strengthen the national innovation ecosystem and ensure all small businesses are better positioned in this next stage of recovery to access unprecedented investments to reimagine our future economy that will be made available through the Bipartisan Infrastructure Framework and President Biden’s Build Back Better agenda.”

Recipients this year cover a wide geographic area, and include state and local economic development organizations, Small Business Technology Development Centers, Women’s Business Centers, Procurement Technical Assistance Centers, incubators, accelerators, colleges, and universities.  All organizations will provide support to small businesses developing advanced technologies. 

“The SBA’s investment in Oklahoma, through the FAST program, has been vital to OK Catalyst reaching untapped communities in the Heartland through training and mentorship programs that embolden women and minority entrepreneurs with transformational potential to launch new products and grow a business,” said Sarah Hamby, Director, OK Catalyst. “FAST funding has enabled OK Catalyst to drastically improve the competitiveness and success of SBIR/STTR proposals in our state.”The FAST Partnership Program makes awards for a base period of 12 months, plus two optional continuation periods of 12 months, if eligible.

RENTON, Wash. – The first of five Boeing [NYSE: BA] P-8A Poseidon aircraft for Norway performed its maiden flight yesterday, Aug. 9. The aircraft took off at 10:03 a.m. Pacific time and flew for 2 hours, 24 minutes, reaching a maximum altitude of 41,000 feet during the flight from Renton Municipal Airport to Boeing Field in Seattle.

The first flight marks the next phase of the production cycle of this aircraft as it is moved to the Installation and Checkout facility, where mission systems will be installed and additional testing will take place before final delivery to the Norwegian Defence Materiel Agency (NDMA) later this year.

“This inaugural flight is an important milestone for Norway, and the Boeing team remains committed to delivering the P-8 fleet to the NDMA on schedule,” said Christian Thomsen, P-8 Europe program manager. “The P-8 is a capability that will help Norway improve anti-submarine warfare, anti-surface warfare, intelligence, surveillance and reconnaissance, and search-and-rescue missions, in addition to fostering valuable regional collaboration and interoperability with NATO nations.”

The five P-8As will eventually replace Norway’s current fleet of six P-3 Orions and three DA-20 Jet Falcons. The Royal Norwegian Air Force currently operates its P-3s from Andoya Air Station. With the introduction of the P-8s, flight operations will move to new facilities at Evenes Air Station.

To date, Boeing has delivered 136 P-8 aircraft to the U.S. Navy, the Royal Australian Air Force, the Indian Navy and the United Kingdom’s Royal Air Force. Norway is one of eight nations that have selected the P-8A as their maritime patrol aircraft, along with the United States, India, Australia, the United Kingdom, Korea, New Zealand and Germany.