Openings fall while 209K jobs added in June | Containerships rerouted to US amid Canadian port strikes | Economy "moving ahead," says NRF chief economist
The Job Openings and Labor Turnover Survey revealed a decline in job listings to 9.82 million, with the number of job openings exceeding the available labor pool by 1.6 to 1 in the month, down from an earlier 2 to 1 ratio. The Labor Department's June job report released Friday showed a less-than-expected 209,000 nonfarm payrolls added in the month and an unemployment rate of 3.6%. Hourly earnings increased 0.4% from the previous month and 4.4% from a year earlier.
VesselsValue reports that two containerships have been rerouted from the Port of Vancouver to the Port of Seattle as labor strikes in Canada reached their sixth day. The move may signal the start of a widespread diversion to US ports that would delay delivery times and add to supply chain pressures.
The US economy demonstrated "underlying strength" in the first half of 2023 and appears to be "rolling forward" even as the rate of growth slows for the remainder of the year. Consumers are doing their part to keep the economy moving ahead supported by employment rate growth and $500 billion in surplus savings accumulated during the pandemic, Chief Economist Jack Kleinhenz said in NRF's July Monthly Economic Review. "The first half of the year is over and the economy is still moving in the right direction," Kleinhenz said.
A $1.5 billion investment in California ports aims to achieve a smoother supply chain and cleaner air. The Port of Long Beach, with more than $383 million, and the Port of Los Angeles, with $233 million, are among recipients of upgrades such as facility expansions, improvements for train crossings and roadways, and zero-emission vehicles.
Artificial intelligence can enhance data-based decision-making for distributors in demand forecasting, inventory optimization and streamlining supply chain, writes Emily Newton. However, distributors should start small, identify specific use cases for AI forecasting and invest in Internet of Things systems to generate the vast amount data needed, Newton writes.
The surge in Americans leaving their jobs has slowed, suggesting a softening labor market despite continued strength in hiring. Four million Americans voluntarily left their jobs in May, down from 4.5 million in November 2021. Industries such as restaurants are seeing improved retention rates, and workers who have received significant pay raises are opting to stay in their current roles.
The overall industrial vacancy of 4.1% for the second quarter marks the first time the rate has exceeded 4.0% since mid-2021, according to Cushman & Wakefield. "While we have seen the amount of industrial space under construction drop, we are now seeing the impact of the robust pipeline of product coming to market and easing pressure on markets that were at historically low vacancy rates through the pandemic," says Jason Price, senior research director for US Industrial and Logistics at Cushman & Wakefield.
Artificial intelligence and edge computing technologies are playing a crucial role in supply chain engineering, enabling predictive analytics, optimizing equipment maintenance schedules, automating routine tasks, speeding up data processing and improving cybersecurity, writes Devin Partida for Machine Design. For successful implementation of these technologies, Partida says supply chain engineers should approach them gradually, prioritize cybersecurity measures and ensure they address relevant business needs.
Michigan plans to build a Mobility Charging Hub for electric commercial trucks funded in part from state and federal sources. The state will team up with Daimler and DTE Energy to build the facility at a Daimler Truck North America site Redford, Mich.
Several methods exist for training artificial intelligence programs, and enterprises must evaluate methods and costs to ensure they are capturing all company sources, write Tom Davenport of Babson College and Maryam Alavi of Georgia Tech. The one constant is that "companies need to develop a culture of transparency and accountability that would make generative AI-based knowledge management systems successful," they note.
Show the social media world what your business has to offer with a consistent look and feel to your posting across multiple platforms. Relevant, useful, consistent content and audience engagement are among the most important ways to create a social media powerhouse.
Andy Crestodina, chief marketing officer and co-founder of Orbit Media Studios, discusses how collaborative content can boost business-to-business marketing strategies. Crestodina explains how incorporating expert views into B2B content not only lends credibility but also "greater social reach because an ally in creating content is an ally then in promoting content."
Numerous leading brands quickly began posting to the new Threads app following its launch with a variety of tones and styles, such as Wendy's dig at McDonald's with "mid donald" and Spotify's question, "if the first day of threads was a song, which one would it be?" that yielded more than 4,000 replies. OurX CEO Meghan Maupin says, "It reminds me of the early days of TikTok, where the early adopters benefited from getting there first."
It is possible to be receptive to the benefits of artificial intelligence, such as speed and accuracy, without abandoning the human elements of compassion and empathy, writes Sabrina Leblanc of SurveyMonkey. Leblanc suggests keeping an open mind to market research that gives insight into how customers use AI and continuing to search for "the right combination of human strategic thinking and AI-driven efficiency."
Exercising good judgment as a leader involves preparation, making a decision and then executing it, write leadership experts Gregg Vanourek and Bob Vanourek, who outline essential factors including a company culture that welcomes questions, the ability to entertain new perspectives and solving for the right problem. "The hard judgment calls come into play when there are only alternatives with bad consequences -- or when information and data are missing and there are no obvious choices," they write.
Don't just rely on your gut when deciding on the right person to hire. For example, your instinct to hire or promote someone with whom you share common traits or interests may have nothing to do with how well the person will do the job.
