Producer price index slows to 0.1% annualized inflation | Intermodal rail from Canada to US drops amid port strike | Report shows drop in initial unemployment claims
The US producer price index increased 0.1% in June from the previous year, according to the Labor Department. The 0.1% annual increase in prices at the manufacturer, producer and wholesale level is the slowest in nearly three years. Prices rose 0.1% from the previous month, up from a 0.4% decline from April to May.
Strikes at Canada's west coast ports has resulted in a 46.2% year-over-year drop over the past week in intermodal rail freight traveling from the country into the US that primarily affecting chemicals, forest products, oil and non-metallic mineral products, according to The Association of American Railroads. The Railway Association of Canada estimates it would take three to five days for supply chain to recover for each day of the strike.
The Labor Department reported initial claims for unemployment benefits decreased by 12,000 for the week ending July 8, for a seasonally adjusted 237,000. The US job market continues to show strength despite the Federal Reserve's rapid rate hikes.
Artificial intelligence in procurement -- aka autonomous sourcing -- can reduce inefficiencies and offer greater insights to help address indirect spend, which 82% of procurement leaders in a Globality survey said needs far better management. AI can speed the typically manual work of creating requests for proposals, narrowing down suppliers and vetting the options and even handling elements of negotiation, Keith Hausmann of Globality writes.
Sourcing during a confluence of crises, dubbed a polycrisis, requires an elite procurement team -- and helping your existing team members evolve is one way to up your game, Etosha Thurman of SAP's Intelligent Spend and Business Network writes. Creating a flexible system that allows for smooth entry of occasional contingent specialists is important, as is ensuring you keep specific team talent gaps in mind when hiring, Thurman and Sara Horder of Investigo say.
Marketers can adopt a five-stage framework to build a sustainable content practice, which incorporates making a business case, developing cross-functional relationships and mapping a process framework, Natalie Dunbar writes. "A content practitioner, someone who's savvy about content, or a champion of content realizes someone needs to manage content as an asset," Dunbar explains.
PepsiCo's TikTok campaign for the launch of Starry is an example of a brand using social media to build authentic connections with its audience, Victoria Martinez writes. Marketers can create social strategies that build trust and credibility by being consistent, transparent, posting original content that users can relate to and making genuine connections by responding and engaging to comments, Martinez advises.
Amazon faces a complaint from the National Labor Relations Board alleging the retail giant has "failed and refused" to bargain with the union that represents workers at its JFK8 warehouse on Staten Island. Amazon is challenging the unionization vote in court, alleging the NLRB interfered in the process and the Amazon Labor Union intimidated workers, but the federal agency claims there's no evidence to support Amazon's stance.
Economic activity in the US grew slightly in late May and June, according to the Federal Reserve's Beige Book survey released Wednesday, with five of the 12 districts surveyed reporting slight or modest growth, five reporting flat activity and two reporting slight or modest declines. Labor markets were reported to be healthy and a slowdown in price increases was observed as consumers appear to be more sensitive to inflation. Survey respondents also indicated lending activity decreased.
Leadership skills continue to evolve as workers seek leaders who are compassionate, innovative and know how to deeply understand themselves and set clear goals for the company, write Doug Glener and Jay Campbell with The Ken Blanchard Cos. "The good news is that the new leader profile is more heart-driven, more balanced and caring. The bad news is that it's more stressful, uncertain and busier than ever," they write.
