Workers at western Canadian ports begin strike | Construction spending rose more than expected in May | Manufacturing slump persists but pockets show strong demand
The longshore division of the International Longshore and Warehouse Union Canada began striking at the ports of Vancouver and Prince Rupert after negotiations with the British Columbia Maritime Employers Association failed to make headway over issues including contract work, cost of living and automation. The strike could lead to port congestion, backlogs, delayed terminal pickups and late fees passed on to consumers that affect international commerce.
Construction spending climbed 0.9% in May, with the better-than-expected gain driven in part by a 1.7% increase in expenditures for single-family homebuilding, according to the Commerce Department. Meanwhile, spending on multifamily housing projects was down 0.1% for the month. Overall, outlays for private construction projects rose 1.1%, and expenditures for public construction projects gained 0.1%.
The Institute for Supply Management reported a further decline in US manufacturing in June, reaching levels last seen during the initial wave of the coronavirus pandemic. The manufacturing Purchasing Managers' Index dropped to 46.0, the lowest reading since May 2020, indicating contraction for the eighth consecutive month. Despite the overall slump, certain sectors such as transportation equipment, machinery and electrical equipment are experiencing solid demand.
Weaker freight rates and carrier use drove FTR's Shippers Conditions Index from 4.5 in March to 7.1 in April. Todd Tranausky, FTR's vice president of rail and intermodal, predicts "a firmly positive outlook for shippers...for at least another 12 months."
An Amazon robot (MediaNews Group/The Riverside Press-Enterprise via Getty Images)
Amazon is expanding its arsenal of 520,000 robotic drive units with Proteus, an autonomous mobile robot designed to operate "in the same physical space as people," which will be tasked with lifting and moving outbound GoCarts containing packages at its sortation and fulfillment centers. Amazon is also developing Cardinal, which uses artificial intelligence to pick and place packages in GoCarts and its AI-driven Robotics Identification system for package scanning.
Produce growers around the globe saw their costs surge during the pandemic, a trend that has led to double-digit price increases over the past two years, according to a report from the Global Coalition of Fresh Produce. "We conducted this global survey to shed light on the challenges experienced by the fresh produce supply chain worldwide," coalition chair Ron Lemaire said.
The biggest effect of generative AI in business-to-business marketing won't be found in creative work but in its capabilities to transform market research, write The B2B Institute's Jon Lombardo and Peter Weinberg. Weinberg and Lombardo use real examples to showcase how ChatGPT can generate category entry points and customer surveys and explain how AI can help B2B marketers develop distinctive "brand codes."
Shoppers tend to buy from companies that have good online reviews, so enhancing your company's reputation is critical, writes Sonu Yadav, a digital marketing manager with SEO Vendor. Business leaders can safeguard their reputation by using tools to see what's being written about them online, establishing themselves as authority figures in online communities and using tools to keep up with industry trends, Yadav writes.
The US Supreme Court decision to end affirmative action in academic admissions could have a trickle down effect on corporate diversity, equity and inclusion practices, even though both have been shown to be effective in creating positive change, experts say. Neeta Mehta, a partner at executive search firm Bridge Partners, says companies already looking to end DEI probably will, but Janice Gassam Asare urges leaders to continue DEI efforts because, ultimately, they enhance both the bottom line and company culture.
Women account for 26% of C-suite and executive level positions within the supply chain workforce this year, up from 19% last year, while their percentage of the entire supply chain workforce has increased from 39% to 41%, according to a Gartner survey. "It's particularly encouraging to see women make gains at the senior executive level, as we know that when a woman holds the top supply chain position this has a positive correlation with more women in leadership and in all roles through that organization," says Caroline Chumakov, Gartner Supply Chain Practice director analyst.
