Biden Calls on Congress to Prevent Rail Strike

President Joe Biden called on Congress to quickly intervene and prevent a rail strike in an effort to shield the U.S. economy. The House moved toward approving legislation on Wednesday to keep the rails running by imposing a labor agreement between workers and railroads.The bill would force rail companies and workers to abide by the tentative agree...
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Fed Expected to Continue Rate Hikes, Recession Fears Grow

Even with some easing in recent months, inflation remains well above the Federal Reserve's target range of 2%. The Fed has aggressively raised rates this year and they don't plan to let off the gas any time soon. "Two of the Fed's regional presidents, John Williams and James Bullard, warned on Monday that the inflation threat hasn't faded," reads a...
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Black Friday Sales Will Reveal State of US Economy

A big question about this year's Black Friday remains: will sales surpass last year as consumers search for deals or will sales plummet amid red hot inflation? "Industry groups are predicting another record year of retail sales, with the National Retail Federation forecasting a jump of 6% to 8% over the $890 billion consumers spent online and in st...
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A National Rail Strike is Closer than Ever

​The largest rail union, SMART-TD, voted against a tentative agreement on Monday, once again raising the likelihood of a nationwide rail strike. The Brotherhood of Maintenance of Way Employes (BMWED) is set to strike on Dec. 5, but said it would extend the cooling-off period if larger unions voted not to ratify the deal, according to CNBC.Sick time...
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Top Qualities to Look for When Hiring Credit Staff

🎤The latest episode of Extra Credit is ready for listening! Hear about what qualities credit professionals look for in new credit staff.
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Third Rail Union Rejects Deal, Strike Threat Returns

A third U.S. rail union voted against a national contract made in September, and continues negotiating to reach a deal, according to Reuters. Labor unions are bargaining to improve sick leave and attendance policies. Two of the largest unions have yet to announce their votes.Rail workers and railroads have until Dec. 9 to come to an agreement or th...
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Inflation Pressures Ease in the US

Both consumer and wholesale prices eased in October, according to the Bureau of Labor Statistics. The Consumer Price Index slowed to 7.7% year over year, down from 8.2% last month, resulting in Wall Street's largest boost since 2020, per CNN Business. And prices at the wholesale level rose 8% year over year, down from 8.4% in September—the fourth s...
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Customers Use Credit Departments as a Lender in Tight Economy

 🎤 This week's episode of the Extra Credit podcast takes a look at how credit professionals notice their customers conserving cash toward the end of each year.
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Fed Forced to Balance Hot Labor Market and Recession Risk

Interest rate hikes are expected to continue as both inflation and the labor market remain uncomfortably hot. According to the U.S. Bureau of Labor Statistics, there was an addition of 261,000 jobs in October.But with taming inflation and cooling the job market comes a serious risk of recession. "The Federal Reserve faces the difficult task of cool...
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How Midterm Elections Could Influence Economic Policy

Tuesday's midterm elections come as the U.S. economy sits top of mind for businesses and consumers. The Federal Reserve continues to battle stubborn inflation with aggressive rate hikes, which many economists predict will lead to a recession.Midterm election results will determine whether Democrats or Republicans will have control of the U.S. House...
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Is the Great Resignation Coming to an End?

💼 On this week's episode of the Extra Credit podcast ... is the Great Resignation coming to an end as employees become increasingly concerned about job security? 🚧 Also in this episode ... how a lack of skilled labor in the construction industry can hurt material suppliers.
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Fed Raises Interest Rates 75 Basis Points, Pace Could Slow

The Federal Reserve announced another interest rate hike of 75 basis points, raising the total rate to a range of 3.75% to 4%, the highest level in 15 years. "My colleagues and I are strongly committed to bringing inflation back down to our 2% goal," said Chair Jerome Powell during a news conference. "Restoring price stability will likely require m...
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US Economy Predicted to Remain Stagnant Despite GDP Growth

The U.S. economy grew significantly in the second half of this year, as Thursday's GDP report showed an increased annualized rate of 2.6% over the last quarter. But economic statistics still point to the possibility of recession due to a slowdown in consumer spending, according to CNN Business.Former Treasury Secretary Larry Summers said the talk o...
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PODCAST: CMI Drops to New Low, Prepare for Recession

 📉 Latest episode of Extra Credit: The October Credit Managers' Index dropped to 53.2 ... its lowest reading since June 2020.🎙 "We are not in a good position," said NACM Economist Amy Crews Cutts. Also hear from Jason Torf for some tips on how credit professionals can prepare for an economic downturn.
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US at Risk of Debt Ceiling Standoff

The U.S. is in danger of reaching its $31.4 trillion debt limit sometime in 2023 if Republicans and Democrats can't agree to raise the limit. It was last raised in 2021.House Republicans are expected to use the vote to try and get the Biden administration to curb spending in exchange for support of a debt ceiling increase, per The Hill. "While the ...
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Service Sector Resilient Despite Steady Inflation

Despite talks of a potential recession and inflation's tight hold on the U.S. economy, the services sector remains resilient. Jeffrey Roach, chief economist for LPL Financial, said business activity is at its highest since December 2021, which is an "important breakpoint, as the consumer showed stable demand for services after the headwinds of war,...
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Listen: When Should You Write an Account Off as Bad Debt?

🎙 This week's episode of Extra Credit just dropped! Hear how some credit professionals handle bad debt write-offs ... and a tip about staff retention at the end! 
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Biden to Release at Least 15 Million Barrels of Oil From Reserve

President Joe Biden is expected to announce the release of 15 million barrels of oil from the U.S. Strategic Petroleum Reserve in response to recent production cuts by OPEC+ nations, per AP News. This announcement comes ahead of next month's midterm elections.Biden authorized the release of 180 million barrels in March, sending the reserve to its l...
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Inflation to Impact Consumer Spending Ahead of Holidays

As the holiday season approaches, gift spending is expected to drop $30 billion—with a 58% consumer cut back, according to Forbes. This is largely due to the fact that inflation is taking a large bite out of consumer wallets—steering spending away from non-essential holiday purchases toward household goods."40% of holiday shoppers say that inflatio...
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Assigning Workload to Collectors: Podcast

​💼 Having trouble deciding on the best way to assign workload to collectors? Its not a one size fits all approach.👂 Listen to this week's episode of the Extra Credit #podcast to hear how some credit professionals keep workload balanced so collections stay efficient.
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