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US economy gains 245,000 jobs; unemployment rate drops to 6.7%
Seth Sandronsky Business Management, Services & Risk ManagementU.S. employers added 245,000 nonfarm jobs in November after 638,000 new hires in October and 661,000 in September, according to the federal Bureau of Labor Statistics. November’s unemployment rate dropped to 6.7% from October’s 6.9% and September’s 7.9%. The November federal jobs report reflects an easing of COVID-19 restrictions to slow coronavirus transmission, which have been unsuccessful as local and state governments resume restraints on gatherings of businesses and public places. November’s national nonfarm jobless rate has decreased 8.0 percentage points from an April high. However, November’s rate is 3.2 percentage points higher than February’s figure.
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Optimizing your business’ ability to pivot
Indiana Lee Business Management, Services & Risk Management2020 has been a challenging year for everyone, businesses and individuals alike. What makes it so unusual is that the impact has been universal. Every nation around the world has been impacted by COVID-19 and the economic uncertainty that followed. What has become clear is that companies need to be more agile and flexible than ever. You never know what challenges will come, and a business’s ability to pivot can mean the difference between success and failure. How do you optimize your company’s ability to stay competitive in challenging situations? Here are some tips you can use.
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Harley-Davidson goes electric
Dave G. Houser Transportation Technology & AutomotiveIn the world of motorcycling, it’s no secret that Harley-Davidson — America’s oldest and most iconic bike-maker — has been struggling in recent years. Sagging sales have forced the Milwaukee-based manufacturer to pursue a new strategy. It’s an approach known internally as The Rewire, recently implemented by the brand’s new German-born CEO Jochen Zeitz. It paves the way for some significant changes at H-D. The antiquarian thunder of Harley’s powerful-but-dated V-twin OHV engines is being slowly but seriously partnered with the subtle whine of electric power as the company introduces its first e-bikes.
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Plan for 2021 looking on the bright side
Lloyd Princeton Business Management, Services & Risk ManagementMostly sunny with intermittent clouds and showers. That’s my forecast for 2021. It may seem overly optimistic at the moment, what with talk of more shutdowns in the weeks ahead and the standoff in Washington. I am confident, however, that this too shall pass, the ship will get righted, and we will enter calmer waters as the new year gets underway. Having gone through so many months of uncertainty and reversals this year, why should I expect the situation will improve in the next? Despite the recent resurgence of COVID-19 cases in many countries, we are making progress on preventing and treating the virus as well as on producing an effective and safe vaccine.
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US payrolls add 638,000 jobs; unemployment rate drops to 6.9%
Seth Sandronsky Business Management, Services & Risk ManagementU.S. employers added 638,000 nonfarm jobs in October, according to the federal Bureau of Labor Statistics. October’s rate of unemployment fell to 6.9% from September’s 7.9% and August’s 8.4%. The gradual employment improvement is a result of eased COVID-19 restrictions on social movement and resuming of commerce, though the pandemic remains uncontained and prospects for a vaccine available to the public are unclear. "The number of unemployed persons fell by 1.5 million to 11.1 million," according to the BLS. "Both measures have declined for 6 consecutive months but are nearly twice their February levels."
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The pros and cons of lean manufacturing: A 2020 perspective
Bambi Majumdar ManufacturingThere is a reason why manufacturers are turning towards lean during these uncertain times. Lean manufacturing became popular during World War II when hardship and uncertainty ruled the world economy. Companies were forced to reduce costs during a time of radical change and yet had meet their customers' quality and delivery needs. So, they learned to optimize their systems and innovate, giving birth to modern-day lean manufacturing technologies. Flash forward to 2020 when an unexpected virus brought the whole world to its knees. Manufacturers have to drive efficiencies and agility in new ways by adjusting, adapting, and persevering in this environment.
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Infographic: What is Industry 4.0, and what are the technologies that power…
Maggie Kimberl ManufacturingA new Industrial Revolution is quietly changing the way products are made. By combining big data, machine learning, and the Industrial Internet of Things (IIoT), manufacturing companies can make immediate production changes based on real-time data intelligence. The Fourth Industrial Revolution, also known as Industry 4.0, will introduce better products to the market at a lower cost and in less time.
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The leadership style that turned Ford Motor Company around
Dr. Marilyn Gist Business Management, Services & Risk ManagementIt’s no secret that many businesses are hurting in 2020. Transportation, hospitality, and brick-and-mortar retail outlets selling nonessential goods and services have been hit the hardest. The last time we were in a similar situation was during the Great Recession of 2008. Although the causes were different, both situations flattened revenues so much that business as usual led many companies to failure. How are leaders supposed to navigate such tough challenges? One way is with humility.
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Survey: Employers face potential exodus of supply chain talent
Terri Williams Distribution & WarehousingIn the face of record unemployment, many workers are staying put — and frankly, glad to still have a job. But despite the current labor market, employees in some industries are hedging their bets that the grass is greener on the other side. Those are the results of the Job Confidence Index 2020. The annual report by DSJ Global, a logistics and supply chain recruiter, includes responses from workers in the U.S., Asia-Pacific, Europe, and the Middle East. It reveals that even though 40% of employees believe it may be difficult to find a new job opportunity, only 36% plan to stay with their current employer over the next six months.
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How the election will affect manufacturing
Bambi Majumdar ManufacturingManufacturing is a crucial issue for the 2020 election. According to a Morning Consult column, this was supposed to be the year of the manufacturing election. Both Joe Biden and Donald Trump have revealed plans to revive the economy and the manufacturing sector. The latter is directly proportional to the well-being of the former. However, when Morning Consult made that prediction, in February, it had a robust and running industry in mind. But then came COVID-19 and lockdowns that brought entire industries to a halt. Yet, manufacturing remains a pivotal factor.
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