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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3 Trends in B2B Credit: Podcast

 ⭐ This week's episode of NACM's Extra Credit podcast hits 3️⃣ major trends in the B2B credit world!1. The manufacturing sector is indicating recession conditions, according to the latest CMI report. Hear from Amy Crews Cutts;2. Commercial bankruptcy lawyers discuss the latest trends. Hear from Sharon Beausoleil;3. and how to make an argu...
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Eurozone Inflation Hits 9.1% Record High in August

Inflation hit a new record of 9.1% this month in European countries that use the euro currency. Economists say this is caused by a sharp rise in energy prices due to the Russia-Ukraine war. Annual inflation in the eurozone's 19 countries rose from 8.9% to 9.1% in just one month from July to August, according to the European Union statistics agency ...
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Corporate Profit Margins Widen Despite Inflation

U.S. corporate profit margins grew in Q2 to the widest in 72 years, according to Wells Fargo. They found that nominal profits for GDP rose 6.1% (not annualized) during the quarter on a pre-tax basis, "the fastest pace in a year." Not only that, the $175 billion gain in profits in Q2, "lifted overall corporate profits to a record $3.0 trillion."Furt...
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Motivate Your Credit Department with Metrics: Podcast

What you do with the findings of metrics is as important as the metrics themselves. Several credit leaders in this week's episode of the Extra Credit podcast choose to use the results as a way to motivate their staff, whether it be with cash or the option the work from home. 
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72% of Economists Warn of a Recession in 2023

All eyes are on the Federal Reserve as it fights the worst inflation in four decades with aggressive interest rate hikes. Most economists (73%) expect the Fed to be unsuccessful in taming inflation in the next two years without triggering a recession, according to the National Association for Business Economics (NABE). 72% predict a recession by th...
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Inflation Reduction Act Targets Climate Change, Health Care Costs, Taxes

President Joe Biden signed on Tuesday the Inflation Reduction Act into law, which aims to lower health care costs and raise taxes on corporations. The law includes $369 billion for climate and energy policies; $64 billion to reduce health insurance costs; and a minimum 15% corporate tax rate for companies that earn more than $1 billion a year."The ...
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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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