US service sectors slows in March

WASHINGTON (AP) — Growth in the U.S. service sector slowed in March with a much bigger decline expected in coming months from all the shutdowns and job layoffs that have occurred because of efforts to contain the coronavirus.

The Institute for Supply Management said Friday that its service-sector index slowed to 52.5 in March from a reading of 57.3 in February.

Any reading above 50 indicates the service sector, where most Americans work, is expanding. But with record layoffs over the past two weeks, economists believe services will fall into a contraction in April.

The March report said service industries were already showing signs of the impact of the virus. Reports from the health care sector found significant shortages of personal protective equipment, test swabs and other basic medical supplies.

“Extreme sourcing measures are required to procure necessary supplies for basic operations,” the ISM report said, quoting respondents to its survey.

Anthony Nieves, chair of the survey committee for the ISM services report, said one factor that kept the index from sliding further in March was strength being seen in the government and health care parts of the index.

ISM reported on Wednesday that its manufacturing index did fall into contractionary territory in March with a reading of 49.1. Private economists said they were looking for the services index to slide into contraction territory probably with the April report.

“Conditions in both non-manufacturing and manufacturing are expected to weaken over coming months in response to virus-related shutdowns, supply chain disruptions as well as weak demand,” said Rubeela Farooqi, chief U.S. economist for High Frequency Economics.

Associated Press

Canadians a bit less happy, but satisfied with their jobs

OTTAWA, Canada — Canadians are less likely to find a good balance between work and family, but are mostly satisfied with their jobs, according to a survey released Tuesday.

In the eight years to 2016, the number of Canadians who reported being satisfied or very satisfied with their work-life balance fell by 10 percentage points to 68 percent, according to the Statistics Canada study.

This downward trend, said the government statistical agency, “may have implications for the well-being of Canadians.”

Women were slightly less likely than men to be satisfied with their work-life balance — 66 percent versus 70 percent, respectively.

Just over one in five Canadians said they “always or often had difficulties fulfilling family responsibilities because of the amount of time they spent on their job.”

Happy or not with their work-life balance, however, Canadians are overwhelmingly satisfied (84 percent) with their jobs.

For others, a bad “work environment” or “too low” pay were the two top reasons cited for having soured their work experience.

Another part of the survey that looked at new technologies found that most Canadians viewed being virtually connected as positive and that technology improved life. /cbb

source: newsinfo.inquirer.net

Trump threats may not stop US offshoring of jobs

President-elect Donald Trump’s threats to retaliate against US companies planning to shift operations overseas constitute a new risk for multinationals, but may not sway those already planning to offshore jobs.

Trump laid down the gauntlet on Thursday at a campaign-style rally after striking a deal with Carrier to keep about 1,100 jobs in Indiana in exchange for $7 million in state tax incentives over 10 years.

“Companies are not going to leave the United States any more without consequences. Not going to happen,” Trump told the cheering crowd.

“They can leave from state to state, and negotiate deals with different states, but leaving the country will be very, very difficult.”

The president-elect did not offer details on how he planned to pressure companies to keep jobs in the United States, but one obvious lever includes the removal of government contracts.

That could make companies that work in defense, public works and public services especially vulnerable to retribution.

“Boeing, for example, would have to play ball if it wants its government contracts renewed,” said one expert who requested anonymity.

Trump coupled the threat with a promise to make the US a better place for business by cutting taxes and streamlining regulations.

“There are a lot of plans already in place,” said Hal Sirkin, a manufacturing expert at the Boston Consulting Group.

“CEOs are following the news closely and trying to figure out what all of this could mean for their businesses.”

Will threats work?

Some companies said Trump’s broadside was not sufficient to compel a change in plans.

Caterpillar announced in March 2015 it plans to shutter a plant in Joliet, Illinois that makes oil pumps and valves, and move 230 jobs to Mexico.

“We are continuing to execute on the previously announced plan on the stated timeline,” said Matt Lavoie, a spokesman at Caterpillar.

Food giant Mondelez International also signaled it would proceed with plans to relocate hundreds of jobs from an Oreo cookie plant in Chicago to Mexico.

“We have not had any contact with the new administration,” said Mondelez spokeswoman Laurie Guzzinati, adding that the Chicago baker remains an “important part of our manufacturing network” and that it continues to make Oreos at three US factories.

Not far from Trump’s victory celebration at Carrier in Indiana, the industrial companies Rexnord, CTS Corp. and Manitowoc Foodservice all plan to shift activities overseas from the Indianapolis area.

Manitowoc opted to close a plant in Sellersburg, Indiana due to a decline in demand for soda-drink dispensers, which had been made there, a spokesman said. Most of the 87 jobs are being moved to Tijuana, Mexico.

“The wind down of the plant is proceeding according to our original schedule,” Manitowoc spokesman Rich Sheffer said. “Yesterday’s speech did not include anything specific enough for us to reconsider our plans.”

Trump’s plans drew mixed reviews, with United Auto Workers Union President Dennis Williams offering accolades.

“We should use this opportunity to start running a commercial: If it’s not built in America, don’t buy it,” Williams said.

But the Alliance for American Manufacturing, an industry-labor alliance, offered tempered praise. It noted that Friday’s jobs report showed a decline of 4,000 manufacturing jobs in November and called for a crackdown on “unsavory” policies of trade partners.

“While on balance, I believe this week’s Carrier deal was worth doing, it isn’t a practical job creation policy moving forward,” alliance president Scott Paul said.

Senator Bernie Saunders said Trump’s plans were a losing proposal, in part because Carrier will still transfer 1,000 jobs to Mexico. Trump failed to save all 2,100 jobs, as he promised, Saunders said.

Carrier “took Trump hostage and won,” Sanders said in an op-ed he wrote for The Washington Post.

Trump “endangered” other US jobs, Sanders said, “because he has signaled to every corporation in America that they can threaten to offshore jobs in exchange for business-friendly tax benefits and incentives.”

source: business.inquirer.net

8 Tips to Help Achieve Your Career Goals

Professionals who are in careers today will change jobs much more frequently than in previous generations. Therefore, you need to be prepared and proactive in managing your career. But does this mean you have to sacrifice in other areas of your life that are important to you? Our lives are busy enough balancing work and family without having to find time for making major career changes as well. The tips below provide you some solid strategies to achieve your career goals.

1. Resume and LinkedIn Profile Maintenance

Write down your accomplishments from the past year. This will help you identify your market worth. Keeping track of these accomplishments will help you in review and bonus time. You probably already know this, but always keep your resume and LinkedIn profile up to date. This will keep you visible in the job market with recruiters or hiring managers.

2. Set up Lunchtime Conversations With Influencers

Connect with the shakers and movers within your organization to develop mutual relationships; if a special project or a higher position opens up, they will be more likely to think of you. Your internal company network is important to your career success. Create a list of people within the organization whom you know personally and professionally and ask to have lunch or a phone or Skype conversation for career advice, information sharing, or just to get to know them better. Remember, it is not what you know, but who you know, that will help you get ahead.

3. Remember to Network

Network face-to-face with one to three people each month outside the company to stay connected to your industry and to develop your networking skills. Identify 10 people whom you lost touch with and with whom you would like to reconnect. Reach out to them, perhaps indicating that one of your 2013 goals is to keep your network active. When you meet with the people in your network, bring something to the table and be sure you are offering value. Also, always be willing to ask them to connect you to others they know.

4. Attend Industry Events

Join your industry professional associations and attend monthly events. Meetup.com, Eventbrite and other online communities are great places to find industry groups that are relevant to you. Find out the dates and times, put them in your calendar and try not to schedule meetings too close to the event, so you will have enough travel time. Bring information to share with your colleagues.

5. Keep Your Image Professional

Update your look with accessories, clothes, hair and eyeglasses to reflect a polished professional image. Keeping an updated look is essential for initial impressions. One new piece of apparel can update your look, if you're not one to shop every single season. On the other end of the spectrum, be cognizant that dressing too trendy can be unappealing in a professional setting. Use the rule of thumb of looking in the mirror to see if you need to eliminate one accessory.

6. Schedule Quarterly Meetings

Set up quarterly meetings with your boss to stay on track with your professional development. Since you need to be the leader in managing your career, you need to take the initiative to set up routine times to conduct professional development meetings. In these meetings, ask your boss what his or her expectations are for your department and position over the next quarter, and if there are ways you could improve from the previous quarter — sometimes, it's necessary to take initiative to get the constructive criticism you need. If your boss is not in your office, recommend using Skype, which is a great way to build a more solid relationship.

7. Review Career Goals

You need to manage your own expectations for yourself, too. Mark your calendar six months out for a review of career goals and make adjustments if necessary. Staying on top of your career goals and periodically reviewing those helps you measure your progress, successes and evaluate the feasibility of accomplishing your remaining goals.

8. Read Industry Books

Read Dale Carnegie’s book How to Win Friends and Influence People or Keith Ferazzi's Never Eat Alone. Both books reinforce building relationships inside and outside your organization, which is the key to career success. They stand the test of time and capture human interaction and how to master it — the only thing that has changed is the vocabulary. Buy either of these relationship building books on tape, which can ease a public transit commute and help you to develop better skills.

source: mashable.com