ADP Jobs, Consumer Sentiment (hint: it sucks), ISM, Side gigs, Small Business, AI (again), and Veterans Day!
No government date, but lots of other stuff…
The ADP monthly employment report came out.
42,000 jobs were added. Nice. Not great, but nice. Now for some details by firm size:
1-19 employees: down 15,000
20-49 up 6000
50-249 down 25,000
250-499 up 3000
500+ up 73,000
The biggest gainer was Trade, Transportation, and Utilities, up 47,000, followed by Education and Health Services at 26,000.
The biggest losers were Information with a loss of 17,000, and Professional and Business Services dropped 15,000.
Year-over-year pay growth was 4.5%. That’s good.
For folks who switched jobs, the pay increase was 6.7%. Even better.
In case you’re wondering, this data is from 14,800,000 workers that ADP pays over a 12-month period.
The University of Michigan Consumer Sentiment preliminary survey is out: 50.3. 53 was expected, and last month it was 53.6.
This is the lowest level since June 2022, which came in at 50.0.
That was the lowest on record and that’s not good news.
The ISM – Institute for Supply Management – released its survey. It has been in contraction territory for the last 7 months, and the 8th month was no different. The number came in at 48.7%, down from 49.1%.
Alternatively, the S&P Global Services sector continued to improve with growth exhibited in all categories. Financial services showed strong growth.
There isn’t enough room here to show all the numbers, so you’ll have to take my word for it.
Bits & Pieces
Gold
As I have documented in these emails, the price of gold has increased just a little bit.
This has inspired a new generation of gold diggers, literally. They are going out and mining for gold.
Even little nuggets can bring in a few hundred dollars. You just need the time and the right equipment.
And that’s where the money really is: selling the equipment to folks with gold fever; those suppliers have been doing quite well.
It seems like everyone has a side gig.
Small Business & Amazon
I ordered sprinkler nozzles from Amazon and received them a day or two later. Stapled to the interior envelope was a business card.
It said, “Thank you for supporting small businesses.”
That Amazon vendor is where I’m getting my sprinkler supplies from now on.
If you are selling through Amazon, are you marketing your company in your packaging?
Sounds like a good idea to me. Just sayin’. Amazon puts its name on the outside of the box; why not put your name on the inside?
The Wharton School AI Survey
The business school at the U. of Pennsylvania has been doing AI surveys for the last three years. In 2023, only 37% of business executives reported using it once a week.
Now, that’s up to 82%. I’m not sure what the other 18% are doing.
800 companies, 1000+ employees, $50,000,000 in revenue. Survey Says:
17% expect to hire fewer interns, while 49% expect to hire more.
90% believe that AI will complement employee skills.
AI will have a net positive impact on lower-level employees, helping them do their jobs better.
The majority of AI usage is on data analysis, meeting summaries, and writing.
I’m not sure you needed a survey for that…
Tuesday is Veterans Day – November 11
On the 11th hour of the 11th day of the 11th month in 1918, World War I ended with the signing of the Armistice. In 1938, November 11 became a national holiday known as Armistice Day. In 1954, Congress formally changed the name to Veterans Day.
Click here to access the U.S. Department of Veterans Affairs page for Veterans Day.
For those of you who have served in the Armed Forces of the United States of America, thank you.
As the Department of Veterans Affairs notes, Veterans Day does not have an apostrophe because it is not a day that ‘belongs’ to veterans; it is a day for honoring all veterans. I encourage you to read about it or watch a documentary on The War to End All Wars.
“They Shall Not Grow Old” by Peter Jackson is very well done – 5 Stars from me.
Today, poll your employees to find out which are veterans. Then, have an office lunch tomorrow to show them the respect they have earned.
That’s kind of a trick question. You should already know which of your employees are veterans. If you don’t, find out today.
The Noise is still out there. I have found that successful folks cut through the noise and do what they do best, whether it’s making, servicing, or selling something. Hang out at the coffee machine or water cooler to find out what your employees are saying, then actively engage them to keep them on track. It’s a natural tendency for people to be wary and to worry. After all, if our ancestors weren’t wary and worried about walking in the forest/jungle/savannah, they would be eaten. Or captured. Or both.
With all this Noise, it is important to keep your company/team/department focused on the objective, whatever that may be. Help them see how your product or service helps people. You did this when you started your company, but over time, those connections with your employees may have dropped. It’s time to get it going again.
Quote of the Week
“The difference between perseverance and obstinacy is that one comes from a strong will and the other from a strong won’t.”
Henry Ward Beecher
Yes, Harriet Beecher Stowe was his sister.
I thought that was a good one.
