Port strike called off, for now, as workers mull tentative deal | UPS walkout could raise inflation, disrupt supply chain | Leading Economic Index falls again in June
The flag of Canada (Creative Touch Imaging Ltd./NurPhoto via Getty Images)
Canadian dockworkers appear to be reevaluating a tentative labor agreement after calling off a planned continuation of a strike earlier this month at Canada's west coast ports, according to Prime Minister Justin Trudeau, who called the impact of the strike on workers, families and businesses "unacceptable." The International Longshore & Warehouse Union this week rejected a deal that provided 19.2% wage increases over four years, citing concerns about the length of the deal and employers' failure to address cost of living issues.
If negotiations to renew a five-year labor contract stall, a strike by 340,000 union members at UPS next month could have a dramatic effect on the US economy by adding as much as 0.2% to the inflation rate, disrupting a recovering supply chain and prompting competitors to raise rates to manage shipping needs. "Businesses will essentially treat it like a hurricane. They're preparing ahead of this, such as front-loading orders and transportation for critical components," said Mike Skordeles, US economics chief for Truist Wealth.
The Conference Board's Leading Economic Index declined by 0.7% in June to 106.1, which was slightly more than the economists polled by Reuters had expected. This is the 15th straight month the index has fallen, marking the longest stretch of declines since the lead-up to the 2007-2009 recession.
Distributors tapping into third-party marketplaces in addition to online storefronts are reaping benefits like greater brand visibility and low-cost ways to expand reach and test new products, writes Daniela Mzhen. Many manufacturers have the technology and capability to sell directly to buyers, who largely prefer digital self-serve channels, Mzhen writes, adding "the role of traditional distribution is being disrupted from all angles" and requires a reexamination of companies' place in the market.
Increasing speed and efficiency is a top priority for procurement officials, according to a Bonfire survey, but trying to adopt digitalization piecemeal can turn into a problem in an emergency. Make sure your technology covers key areas, and build relationships with vendors that can help you improvise when necessary, Bonfire CEO Omar Salaymeh writes.
Some 55% of chief financial officers for business-to-business companies don't think brand building is a vital marketing strategy and 81% believe 12 months should be long enough to measure the effectiveness of such activity, per Transmission. B2B marketing chiefs must make a better case to their finance colleagues as "buyers don't buy the best product; they buy the brand they know best," Transmission's Vanessa Cheal writes.
Salesforce's new Service and Sales GPTs, and its Einstein GPT Trust Layer, use generative artificial intelligence to enhance customer relationship and security tools. Sales GPT draws on contextual customer information the platform stores to create personalized emails, Service GPT customizes and summarizes interactions and the Trust Layer logs all data to retain it in the Salesforce system.
Many people write far more than they need to in business communications, thinking they're being thorough when, in fact, they're diluting their message, writes communications executive Joel Schwartzberg. "Know your point well enough to express it simply," Schwartzberg advises.
