Natural Disasters are a Double-Edged Sword for Construction: Extra Credit

🚧 This week's episode of the Extra Credit #podcast is all about the construction industry! Listen here.  🌧 As severe weather events become more common, the construction industry will play a pivotal role in disaster preparedness and recovery. But with more opportunity comes more risk.⭐ Be sure to share with all your construction credit fri...
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Inflation Rates Slow Across the US

Kendall Payton, editorial associateThe consumer price index (CPI) rose 8.5% in July, compared to a 9.1% year-over-year increase in June. The drop in gas prices is a notable indicator of slowing inflation, but rates continue to increase among food and energy prices. The food index has increased 10.9% in the past year, the fastest pace since May 1979...
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New Extra Credit Podcast Episode is Available Now!

Stop what you're doing (or keep doing what you're doing) and listen to the first Extra Credit #podcast episode of August!This week's episode covers two important topics--a circuit court decision regarding the new value defense AND an update on sanctions against Russia.⭐ Hear from our expert guests, Bruce S. Nathan; Mike Papandrea; and Lizbeth Rodri...
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China Blocks Some Trade with Taiwan After Pelosi Visit

China suspended some trade with Taiwan in retaliation for hosting a visit with U.S. House Speaker Nancy Pelosi. China blocked imports of some fruits and fish from Taiwan, and exports of natural sand to the island, according to CNN."China is Taiwan's largest trading partner, with bilateral trade worth $273 billion last year, accounting for 33% of th...
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Shipping Costs Rise Even as Demand Drops

Although consumer demand is starting to soften, shipping prices are bolstered by container shortages and port congestion, said Lori Ann LaRocco, CNBC senior editor, during a news report. "East Coast [port] congestion has created a floor in prices at around the $9,000 range," she said. "Because congestion takes boxes out of the supply for future use...
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Are We Closer to a Recession? Extra Credit

📉 The July Credit Manager's Index shows weakness in the U.S. economy, but does it spell recession? Listen to this week's episode of NACM's Extra Credit podcast to find out! 👂 Hear from Amy Crews Cutts; Cody Christensen; and Chris Myers on a variety of topics ... including virtual onboarding and using metrics to improve the efficiency of e...
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Senate Passes Bill Aimed at Boosting US Semiconductor Production

The U.S. Senate voted 64-33 today to pass a bill, known as the CHIPS act, aimed at boosting domestic semiconductor production. The bill now goes to the House for approval before it can be signed by President Joe Biden. "These investments will go a long way in reversing the decline in federal [research and development] that has dropped threefold sin...
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Another Large Rate Hike Expected as US Inflation Climbs

Inflation reached a new 40-year high last month, a sign that demand is still hot. But other signs show the U.S. economy slowing—putting the Federal Reserve into a tricky situation. The Fed is expected to raise interest rates another 0.75% tomorrow, according to The Wall Street Journal. "They have increased rates at a historically rapid pace this ye...
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Listen to the Latest Episode of Extra Credit!

 ⭐ There's some truth behind the old adage--teamwork makes the dream work! 29% of credit professionals want more cross-functional training within their company and departments.🎧 Listen to this week's episode of our Extra Credit #podcast to learn how collaboration across departments can benefit credit and collections.
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Diesel Prices Trend Downward for Fourth Week

The national average for a gallon of diesel fell 13.6 cents to $5.432, the fourth straight week costs have dropped, according to the U.S. Energy Information Administration. "Demand has plummeted in anticipation of a recession, in addition to fewer consumers traveling than normal for the July holidays," reads an article from FleetOwner. "National cr...
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New Immigration Bill Could Help Lower Food Costs

The U.S. Senate is working to a close a deal on an immigration bill called the Farm Workforce Modernization Act, which famers say could help them hire more workers, thus reducing food costs, NPR reported. The bill is focused mostly on "updating the food production workforce, a system some call outdated and that has led to higher food prices especia...
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Training Future Credit Leaders: Extra Credit

💭 Did you know ... 46% of credit professionals describe their department's onboarding process as meticulously detailed and documented, while 27% describe it as learning on the fly or loosely documented. ⭐ The onboarding process is one of the first steps in building future credit leaders! Listen to this week's episode of Extra Credit 🎤 to hear ...
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Inflation Surges to New Record in June

U.S. inflation reached another 40-year high in June as gas, food and rent costs continues to climb. Prices increased 9.1% year over year, up from 8.6% in May, and surpassing the estimates of many economists who thought inflation peaked."There may be some relief in the July numbers—commodity prices have come off the boil, at least—but...
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Biden and Mexico’s President Meet to Discuss Trade, Immigration

President Joe Biden and Mexican President Andrés Manuel López Obrador met earlier today to discuss immigration, trade relations and the war in Ukraine. The meeting comes after Obrador skipped the Summit of the Americas following the U.S. decision not to invite leaders from Cuba, Nicaragua and Venezuela. Despite recent tensions between both cou...
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Q&A with Economist Amy Crews Cutts: Extra Credit

🚨 Got questions? NACM Economist Amy Crews Cutts has answers. 📢 Listen to this week's Extra Credit #podcast episode to hear her responses to some of the most pressing questions regarding today's economy.Listen here: https://www.buzzsprout.com/1927071/10922152 "I do not think the Federal Reserve will be able to bring down inflation to the l...
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US Job Openings Slip, but Demand Remains Strong

Some signs are indicating that the U.S. economy is starting to cool off, though only slightly. Job openings fell for the second-consecutive month in May to 11.3 million, according the Bureau of Labor Statistics. However, demand for workers is still strong."There are nearly two job openings for every unemployed person, a sharp reversal from the hist...
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European Recession Is Likely, Experts Say

A drop in gas flow from Russia to Europe is likely to tip the region's economy into a recession, according to Fitch Ratings. "Continued disruption of gas imports through the Nord Stream 1 pipeline, unless offset with higher flows via other pipelines, would hinder the continent's ability to meet gas needs during the peak winter heating season, despi...
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New Episode of Extra Credit Podcast is Here!

 This week's episode of NACM's Extra Credit #podcast is jam-packed with info for credit professionals! Predictive default risk modeling; succession planning; the June Credit Managers' Index ... learn about it all by listening here:https://www.buzzsprout.com/1927071/10885578
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Russia-Ukraine War Substantially Damaged Global Supply Chain, Report Says

Just when businesses thought the supply chain crisis couldn't get much worse, Russia's invasion of Ukraine disrupted global trade even further. The conflict has increased shipping costs, complicated logistics and increased transit times, according to a new report from the United Nations Conference on Trade and Development (UNCTAD)."The war in the U...
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US Consumer Confidence Hits 16-Month Low

Business owners aren't the only ones unsure about the future of the economy. The Conference Board's U.S. consumer confidence index fell to its lowest level in 16 months, dropping to 98.7, the Associated Press reported. And the expectations index, based on a six-month outlook for income, business and labor market conditions dropped to 66.4—its lowes...
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