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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Wholesale Inflation Grew 0.4% in September, more than Expected

Wholesale inflation rose in September following two consecutive months of decline. "Two months of plunging gas prices in July and August helped turn producer price inflation negative after the steep rise in energy prices over April and May pushed it toward record levels," reports The Hill.On Wednesday, the Labor Department announced that its produc...
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Rail Union Rejects Labor Deal, Potential Strike Threat Returns

​Railroads are back to the bargaining table after the U.S.'s third-largest railroad rejected the Biden administration's tentative railway labor agreement Monday. More than 11,000 members of the Brotherhood of Maintenance of Way Employees Division of the Teamsters (BMWED) voted with 56% against the tentative agreement, per NBC News."Railroaders are ...
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ACH Payments Are Now More Common Than Paper Checks: Podcast

🎙 The first Extra Credit podcast episode of October just dropped! This week's episode is all about change in the B2B credit industry.💸 ACH has replaced paper checks as the most commonly used payment method in B2B transactions, according to an eNews poll.🔎 Payment methods are not the only part of B2B credit that has evolved. Credit professionals hav...
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WTO: Trade Growth to Slow Significantly in 2023

World trade volume is expected to grow 3.5% in 2022 before slowing to 1.0% in 2023, revised down from 3.4%, according to the World Trade Organization (WTO). Global trade is expected to lose momentum due to the war in Ukraine, high energy prices, inflation and monetary tightening."In August, energy prices were up 78% year on year, led by natural gas...
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eNews Poll: 45% of Credit Departments Report Increased DSO

NACM's recent eNews poll on Days Sales Outstanding (DSO) shows 45% of credit departments have seen an at least 5% increase within the past year. 20% say DSO has decreased and 35% report that DSO levels remained the same.Nathan Hutton, CICP, global credit manager at Donaldson Company, Inc. (Minneapolis, MN) has seen a fairly stable DSO over the past...
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Listen: Here's What Key Recession Indicators Show

⚡ Extra Credit is BACK with a hot new episode! ⚡🎙 This week we spoke with Amy Crews Cutts about the September Credit Managers' Index results AND what some key recession indicators are currently showing.Check it out! 
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Federal Reserve Expects Unemployment to Rise

​The Federal Reserve ramped up its fight against inflation last week with a 0.75% rate hike and hinted to more interest rate increases in the future. The Central Bank expects a jump in unemployment as a result. "There will very likely be some softening of labor market conditions," Fed Chair Jerome Powell said during a press conf...
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British Pound Plunges to Record Low Against US Dollar

The British pound dipped to a record low against the U.S. dollar on Monday, as uncertainty surrounding the U.K. economy grows. The pound dropped to roughly $1.03 Monday and recovered slightly on Tuesday, rising back to $1.07, according to CNN Business.The pound is faced with the highest level of inflation among G7 nations (Canada, France, Germany, ...
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Feds Raise Interest Rates by 0.75%, More Rate Hikes Expected

The Federal Reserve raised interest rates for the third consecutive time on Wednesday by another 0.75 percentage points, and it is unlikely to be the last rate hike in the Fed's ongoing battle against inflation."Fed officials signaled the intention of continuing to hike until the funds level hits a 'terminal rate,' or end point, of 4.6% in 2023. Th...
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US Rail Strike Averted, Truckload Capacity Jumps

​A potential U.S. rail strike was averted last week when labor unions and railroads reached a tentative agreement, facilitated by President Joe Biden's administration. But the situation underscored the fragility of the economy and supply chains.The announcement made by Labor Secretary Marty Walsh states if unions accept the deal, workers will get m...
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Bounce Back from Workplace Burnout: Podcast

💼 Workplace burnout is becoming more common. Listen to the 2️⃣5️⃣th episode of NACM's Extra Credit podcast to learn how to spot the signs of burnout in yourself and your staff. 
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Wholesale Inflation Dips in August

Inflation at the wholesale level rose 8.7% year over year in August, according to the producer price index. Prices fell 0.1% from July to August, according to data from the Bureau of Labor Statistics released Wednesday."Just one day after August's disappointing Consumer Price Index report triggered a meltdown on Wall Street, a separate inflation re...
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US Inflation Rates Remain High Despite Slight August Drop

U.S. inflation rates slowed for a second consecutive month in August—the result of a significant drop in gas prices. Still, the costs of other goods remain stubbornly high. The Consumer Price Index rose 8.3% last month year over year, down from an 8.5% jump in July and a four-decade high of 9.2% in June.Strip away volatile food and energy prices, a...
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Podcast: Fraud in B2B Credit Management

🎙 This week's episode of NACM's Extra Credit #podcast is all about fraud. Credit departments have reported an increase in attempts to setup fraudulent accounts, and fraud can even take place during your product's journey to the customer. Learn how to spot fraud before it happens at every step of the order to cash process. 
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China’s Trade Growth Weakens in August

China's exports to the U.S. fell in August for the first time since May 2020, while shipments to Russia surged, "adding to evidence that slowing economies and the war in Ukraine are shifting global trade flows along geopolitical fault lines," according to Bloomberg."China's slowdown is rippling across the world, with the weak import figures spellin...
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Construction Workforce Shortages Pose Risk to Infrastructure Projects

Construction workforce shortages undermine the industry's ability to complete projects on schedule and threaten the success of new federal investments in infrastructure and manufacturing, according to data from the Associated General Contractors of America (AGC) and Autodesk."Construction workforce shortages are severe and having a significant impa...
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