Customers Use Credit Departments as a Lender in Tight Economy

 ðŸŽ¤ 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? ðŸš§ 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

 ðŸ“‰ 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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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

âš¡ 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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