Mail Delays Reach B2B Industry

Mail delays due to the United States Postal Service (USPS) have now reached the business-to-business credit industry. Many companies using paper checks for payroll are reporting delivery delays as well as delays in small businesses' shipments.Prior to the struggling USPS, news outlets began reporting delivery delays at the start of the pandemic in ...
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Construction Input Prices Rises for Fourth Consecutive Month

To the dismay of construction professionals, construction input prices rose once more in July by nearly 2%, according to Associated Builders and Contractors (ABC). Data from the U.S. Bureau of Labor Statistics revealed the majority of the increase was from inputs to nonresidential construction at 1.8%.Six out of the 11 subcategories saw lower price...
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Nonresidential Building Construction Employment Takes Another Hit

The construction industry may have added 20,000 jobs on net last month, but July's nonresidential construction employment dwindled. July's job loss affected nonresidential construction by 4,000 jobs, with nonresidential building taking the biggest hit with its loss of 9,300 jobs.Despite some of the losses, there was some highlights in the industry,...
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US Sees Decline in Construction Output

Construction may be considered essential during these troubling economic times, but that doesn't mean the industry is immune to the crisis. According to the latest readings from Associated Builders and Contractors (ABC), construction output is down significantly due to interruptions from COVID-19.The U.S. Bureau of Economic Analysis found nonreside...
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'Human Error' Heightens Cybersecurity Issues in US, UK

Human error is always a possibility in the decisions we make and unfortunately, it has played a significant role in cybersecurity hacks among U.S. and U.K. employees. According to Tessian's latest report, "The Psychology of Human Error," 43% of those surveyed said their mistakes caused cybersecurity-related repercussions for themselves or their com...
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Construction Leaders Confident in June Staffing Levels, Profit Margins, Sales

In times of such economic uncertainty, any sign of optimism can be a positive ray of light and, in this case, that is in the form of construction leader confidence. According to Associated Builders and Contractors' (ABC) Construction Backlog Indicator (CBI), construction leaders in the U.S. showed increased confidence in June as it pertained to sta...
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'Buckling Global Supply Chains, Trade Tensions' Behind Increased Construction Input Prices

Construction input prices rose more than 2% in June, an increase that Associated Builders and Contractors (ABC) states are linked to "global supply chains buckling and trade tensions elevated." According to ABC's latest report, construction input prices rose 2.2%, while nonresidential construction input prices climbed a little higher to 2.3%.More t...
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A Shift in Resilience Eases Credit Departments into Digital Era during Pandemic

Credit departments' shift from paper checks to digital payment platforms was underway well before COVID-19, but according to several experts, the pandemic is accelerating this transition. Diana Eagen and Frank Cook, of document automation and order management software solutions company Esker, said the current economic climate continues to ease...
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New York Companies Allegedly Threaten Customers with Legal Action, Violence to Get Loans Paid

Working hard to collect payments from customers is challenging, but credit professionals know it's important remain exactly that: professional. However, not everyone follows the rules as was the case with three companies and their owners and managers who allegedly "cheated small businesses in New York and across the country out of millions of dolla...
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ABC Economist Suggests Construction Industry Focus on 'Broader Trends' Due to 'Erratic' Input Prices

Construction input prices have yet to establish a trend over the past few months, despite a slight increase in May. Although prices rose 0.8% last month, Associated Builders and Contractors (ABC) Chief Economist Anirban Basu said U.S. construction firms should focus their attention to "broader trends" given the current economic climate.According to...
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Construction Sees Largest Monthly Job Increase in More Than 80 Years

The construction industry featured its latest accomplishment in May, adding 464,000 net new jobs—the largest monthly increase in more than 80 years, according to Associated Builders and Contractors (ABC). Although there were fewer jobs in May compared to the prior year, nonresidential construction employment added 237,000 net new jobs last month af...
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Google Warns of Ongoing Online Scams

As the coronavirus pandemic continues, so do online scams. Last week, Google warned the public of the ongoing battle against phishing attacks, some often involving fraudsters stealing confidential data as well as tricking those into believing they will receive financial relief.According to Google security experts, cybercriminals have been quite act...
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New Home Sales Rise Slightly Showing 'Potential Recovery'

Although existing home sales declined last month, new home sales held their ground in April with more than a half-percent rise. National Association of Home Builders (NAHB) reported the increase brought the seasonally adjusted annual rate to 623,000 units.NAHB Chairman Dean Mon said in the report that the new home sales results "show the potential ...
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Decrease in April Construction Input Prices Spells Good News for Industry

A bit of good news made its way to the construction sector last week when Associated Builders and Contractors (ABC) reported a dip in construction input prices in April. Overall prices declined nearly 4.5% last month, the majority of the decline seen in nonresidential construction input prices at 4.2%. ABC Chief Economist Anirban Basu said inflatio...
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Construction Unemployment Rises Nearly 15% in April

Unemployment has reached record highs since the outbreak of COVID-19 and the construction industry is feeling it. According to the National Association of Home Builders (NAHB), the unemployment rate continued to rise in April with an increase of nearly 15%—a total of 20.5 million jobs lost in 30 days.NAHB reported residential construction employmen...
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Nonresidential Construction Spending in March Gives 'False Sense' of What's Ahead

As the U.S. experiences this drastic economic downturn from COVID-19, Associated Builders and Contractors (ABC) revealed only a slight dip in nonresidential construction spending in March for a total of nearly $803 billion. Despite falling 0.1% in March, nonresidential construction spending increased 2% over the prior yearAccording to ABC, 12 of th...
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Few Contractors Are Confident About the Future Thanks to COVID-19

Contractors are not anticipating a bright foreseeable future, at least for the time being, thanks to COVID-19. According to a recent report from Associated Builders and Contractors (ABC), its Construction Confidence Index (CCI), reached an all-time low in readings for sales, profit margins and staffing levels, with all three scores plummeting below...
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SMBs Wait for What's Next After PPP Funds Run Out

Two weeks after its launch, the Payment Protection Program's (PPP) $349 billion in small business loans has run out, leaving hundreds of thousands of small businesses that didn't receive funding scrambling for assistance. Additional bailout money is under discussion in Congress, yet president and CEO of Atlanta's Federal Reserve Bank Raphael Bostic...
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Construction Industry Turns to Layoffs, Furloughs Amidst COVID-19

April is often the time of year when construction begins ramping up, bringing in plenty of business after the winter months. However, COVID-19 is throwing a wrench into the situation as many construction companies are now laying off or furloughing their employees. According to a survey of nearly 1,300 respondents from Associated General Contractors...
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COVID-19 Ravages March Construction Employment

COVID-19 has ravaged employment nationwide and if further proof was necessary, the construction industry declined by 29,000 jobs in March. A recent report from Associated Builders and Contractors (ABC) revealed the dramatic drop, which included the loss of 24,600 nonresidential construction jobs.With a March unemployment rate of nearly 7%, the cons...
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