Need to know…

Moody’s Downgrades 15 Banks – Moody’s Investors Service downgraded credit ratings for 15 international banks on Thursday, including JPMorgan Chase, Bank of America, and Goldman Sachs. The downgrades are Moody’s measure of the banks’ ability to repay debt in unstable capital markets, stripping one to three notches for some of the world's largest banks and securities firms. The downgrades were not unexpected, as Moody's launched a review of banks with global capital markets in February.

Senate Makes Progress on Transportation Bill – Momentum in the House-Senate efforts to agree on a transportation bill picked up speed on Thursday. Senators issued a rare joint statement citing progress, with a goal of completing the transportation package by next week. Nearly 3 million construction jobs depend on the outcome of the negotiations. Congress has been working to approve a long-term transportation bill since last fall 2011.

Study Finds Fewer Jobs, High-Skilled Workers by 2020 – A new report from the McKinsey Global Institute finds more than 90 million low-skilled workers worldwide could be without jobs by 2020, as there may not be enough full-time positions available. The report also noted a potential shortage of some 40 million high-skilled workers. The report comes on the heels of news that in June, U.S. manufacturing grew at the slowest pace in 11 months, and the number of Americans filing for new unemployment claims remained unchanged, according to the U.S. Labor Department.

Worth the read…

• Small Businesses Remain Wary of IPOs – Wall Street Journal
• Study: Across-the-Board Defense Cuts Could Cost 1 Million Jobs - The Washington Post
• The Best Freeware for Small Businesses – PC World
• Why Your Small Business Needs to Be on Social Media – Time
• 10 Unusual Franchise Opportunities – CNBC
• Made In China Not Worth Hassle For Small Firms Returning To U.S. – Bloomberg
• Luring Entrepreneurs with Free Land in Oklahoma – BusinessWeek
• Can the U.S. Produce Good Jobs and Good Workers to Fill Them? – Huffington Post
• 5 questions to ask yourself before starting a business – Charlotte Observer
• Did you know you can use your Facebook page for hiring? – ZDNet