UPS avoids strike after reaching agreement with union | Consumer confidence is at its highest in two years | Richmond Fed: Manufacturing activity fell in July
A potential strike at UPS has been averted after the company reached an agreement with the International Brotherhood of Teamsters over a five-year labor contract, applicable to roughly 330,000 union members including package delivery drivers and sorters. The package, valued at around $30 billion, features a key concession from UPS on pay levels for temporary workers.
Consumer confidence in the US reached its highest level in two years with July's reading increasing to 117 from a revised 110 in June, according to The Conference Board. Easing inflation and the continued resilience of the US economy are cited as contributing factors to the improved confidence in both current economic conditions and future expectations.
Factory activity in the central Atlantic region dropped slightly in July, sliding from -8 to -9, according to the Federal Reserve Bank of Richmond. Shipments and new orders fell, while employment increased and order backlogs and vendor lead time improved, the report notes.
Many firms conducting business within the European Union aren't yet fully prepared to comply with mandatory supply chain greenhouse gas emissions reporting rules that are going into effect in 2024, according to PalletEarth research. PalletEarth notes most firms lack the necessary internet infrastructure for proper reporting and could face warnings, significant financial penalties, bans or criminal convictions.
A report from IBM found the average cost of a data breach rose to $4.45 million per incident this year, a 2.3% increase from 2022. One-third of the attacks were discovered by the victim organizations, while two-thirds were reported by attackers or third parties, the report says.
Companies' flexibility and advantages have been undercut by geopolitical issues, climate change and other outside pressures that require revamped approaches. Marko Kovacevic and Sarah Lahti of the Digital Supply Chain Institute explain how constellations of value can help.
Authenticity is a key aspect of social media engagement for business-to-business marketers, who should leverage employees and customers for content that shows the human side of their brand, advises AppLovin Chief Marketing Officer Katie Jansen. Paycom is one B2B brand nailing TikTok, Jansen writes, with playful content and collaborations with relevant creators.
Generative artificial intelligence will be a standard tech stack component before 2027, say 94% of marketers in a Gartner survey, and 48% are using it right now. AI is getting the most use in content marketing, followed by product marketing and consumer experience management.
The National Association of Wholesaler-Distributors is endorsing the Main Street Tax Certainty Act, which would extend the 199A pass-through deduction slated to expire at the end of 2025. Section 199A of the Tax Cuts and Jobs Act of 2017 provides a 20% deduction for pass-through business, and the NAW said its expiration would increase taxes on mainstream businesses including wholesaler-distributors. NAW CEO Eric Hoplin called the Main Street Tax Certainty Act a "vital piece of legislation," and the trade group urged its passage in a letter to bill sponsor Rep. Lloyd Smucker, R-PA.
Nearly half of employers are running etiquette training for workers, per ResumeBuilder.com, with education related to appropriate dress and workplace conversations some of the top skills covered. The need is due to a lack of soft skills among younger workers as companies bring employees back to the office, the survey suggests.
Three-fourths of executives surveyed by software maker Qualtrics indicate they feel pressured to adopt AI tools, particularly to improve customer experiences. Two-thirds expect to spend more on tools and customer-facing training within the next year.
