Need to know…

• Michigan Becomes 24^th Right-to-Work State. On Tuesday, Michigan Gov. Rick Snyder signed into law two right-to-work bills, making the state the 24th in the nation to approve such legislation. The new laws address private and public sector employees, making it illegal for unions to force employee membership or the collection of union dues. The Michigan State House passed the bills amid protests that the bills could hurt Michigan jobs. However, supporters say right-to-work laws make the state more competitive and attractive to businesses, which could increase new jobs in the state.

• U.S. Exports, Imports Fall on Weak Global Sales. In October, U.S. exports saw the biggest monthly drop in nearly four years, according to the Commerce Department. Slowing economies around the world have  depressed sales of American goods and services, driving an increase in the national trade gap. Exports declined 3.6%, while imports fell 2.1% to their lowest level in 1.5 years. This raised the U.S. trade gap to $42.2 billion, including a record deficit with China and a growing gap with Japan.

• Jobs, Hiring and Competition Rise in October. Job openings reached a four-month high in October, the Labor Department reported on Tuesday. Unfilled positions increased by 128,000 from the prior month, climbing to 3.68 million. These findings show job creation continued even in the face of a hard-fought presidential election and the threat of “fiscal cliff” tax increases and budget cuts. Hiring also increased in October, raising the hiring rate to 3.2% from 3.1%. While job openings are growing, so too is competition. There were 3.3 people vying for each available job in October, nearly twice the 1.8 people competing for each job when the economic downturn arrived in late 2007.

• Economists Oppose Tax Hikes. The National Taxpayers Union has announced that a letter signed by 180 economists opposed to tax increases as part of a deal will be delivered to Congress today. The letter’s signatories include Douglas Holtz-Eakin, who directed the CBO under President George W. Bush, and Jim Miller, who directed the OMB under President Reagan.

Worth the read…

• How to Handle Negative Customer Reviews – Fox Business
• What a 10-Year-Old Can Teach Us About Being an Entrepreneur – Forbes
• U.S. Delays Final Fracking Rules for Federal Lands – Reuters
• The Real Debt Problem: What Will Eat the Tax Dollars – CNN
• SBA OKs $156 Million in Disaster Loans to Small Businesses – Washington Post
• Why More States May Adopt Right-to-Work Laws – CNBC
• GOP Submits Counter Offer on Fiscal Cliff – Fox Business
• 8 Must-Read Publications for Entrepreneurs – Forbes
• Small Business Sales Up 5.2% in November as Holiday Shopping Offsets Sandy Impact – Washington Post