Economy Adds 199,000 Jobs in November 2023

The numbers are looking pretty good for the U.S. economy. BEA November 2023. Based on the economic performance of late we should wonder if this is a post-Pandemic new norm or is this just an upswing for a certain amount of time. There is much more root technologies and virtual economic transactions in today's world when compared to the past indicating that some economic fundamentals may have changed.

The Big Five Personality Traits Can Help to Improve Employee Performance

Personality can have a big impact on how we navigate our environment. It makes little difference if we are discussing business management or just the everyday choices we make in our lives. Each of us hold certain personality traits and society in general is made up of these different personality variations (...and some we don't know about yet.). Often an organization is made up of many different types of personalities and having at least a rudimentary understanding of such personality type often leads to greater ability to motivate and manage a diverse workforce.

Contrary to pop psychology opinion, there is no right or wrong personality. Each personality mix has strengths and weaknesses that function at various levels depending on the situation. Understanding your personality and the personality of your employees will help you better create teams and manage them to to excel in individual and group performance. Insight into human nature is part of the core understandings needed to groom others.

As you come to understand your employees you will also begin to understand their personality, their motivations, and some of their goals. That allows you to provide tasks they excel at but also pepper in tasks that help them grow (Part of your responsibility as an executive is to maximize the human capital for organizational benefit but also to develop the whole person for societal development. Thus, challenges mixed with successes is a big part of the development game. If you get really thoughtful about it you can get good at developing specific and generalized talent.)

US GDP 3Q Higher Than Economist Thunk (Thought?)

Real GDP estimates has risen to 5.2% from early estimates of 4.9% in the 3rd Quarter of 2023. That is fantastic news as it indicates a level of strength and resilience in the U.S. economy. Unemployment is low and wages are rising. We still have work to do on our national deficit and ensuring strong fiscal management but the basics are there for longer term growth. 

Infrastructure, technology and human capital can further help solidify gains for sustained performance. Investments are starting to rise and if it persists that often pushes some of the other behaviors that lead to adjustments toward long term growth (For example in my microcosm of Escanaba, new investments lead to increased training to maintain advanced technologies/industries. Thus, investments change the market and improve the fundamentals.).

Visualizing GDP  What I like about their visualization and discussions is the highlighting of how manufacturing has been on the decline. We have opportunities to improve advanced manufacturing-exports and there are some indications a reversal of trends may occur soon. We lost a little on trade deficit to a sad $89.8 billion. A review of plans is needed on how to increase exports of American products. Likely a good place for industry and government to collaborate ideas that foster international market penetration.  

Gross Domestic Product (Second Estimate) Corporate Profits (Preliminary Estimate) Third Quarter 2023

(You can read this for the giggles of it. Its part of a theory I'm working on. See April, 2020 Covid Economic Projections and Federal Stat Update?)

Community Collaboration Generates New Investment Interest (Escanaba City Council Meeting 11-16-23)

Pushed by the winds of growth, thoughtful legislation and good governance bear fruit in the realignment of a town to the post-Covid world markets. What you will find by watching city council meetings (and others) is that there is a sense of openness in government and public contribution is visibly apparent. The spirit of collaborative creation led to a bountiful reward of new ideas and new opportunities. Its amazing to see what happens when people in a community put their minds together to accomplish some great feat. It is more amazing to see it happening in real time! 

Docks During the Day in Art Gallery
Escanaba Harbor

(Those who want to take leadership positions and/or go into civil service should think about how communities can self generate and how encouraging engagement leads to positive outcomes. That takes a wider perceptual scope on the stakeholders of good governance as a whole community affair. ) 

Stay tuned at Escanaba Town Hall Meetings! (You may want to check out the county meetings. A little more exciting from what I have heard....DC Videos. In its own unique way it is also a great opportunity to learn as well.)

(Read this study on Small Town Tourism and Solidarity and you will find that in some small towns when people are part of the process of creation, there are opportunities to engage, and express themselves, it changes their perception of the success of tourism. I suspect for the ability to change success itself as well as apply that optimism to other arenas i.e. conversations from "things never change" to "We got a lot of great things going on here now.")

( Escanaba/Gladstone/Delta Co have an opportunity to attract multiple lines of revenue that include tourism, industry, downtown development, boat manufacturing, small organic farmers who like the outdoors, and much more. Never ignore the human element in development. Economics is at its roots human behavior and choice. Something Beer Battered Fish in Esky  and Esky Hedging)

As you watch the video and read the key highlights below think about how different areas of the local economy influence each other. For example, the House of Ludington development, jail project (more about this later), infrastructure grants, Billerud investments, ship building, and other activities are creating economic lift that impacts different sectors of the local economy at once. They cocreate with each other and attract more interest overall that could lead to further development at some point. 

Co development encourages active participation by residents in public activities and that promotes greater lift to new ideas and options. For example, there is a new fish restaurant going in that could attract even more interests (My person opinion is that it should showcase the areas offerings. A strong local options menu section.). Not only a tourist stop but also attracts new people to the marina and creates more fun activities in the park, beach, and other places. That in turn helps other areas.

What economic activities might occur next? What I can say is that the activities in the area over the last two years have created a greater appreciation for the shared interest in people working together to create solutions for their community. It is an opportunity for industry, entrepreneurs and stakeholders to be part of that upswing in a meaningful way. Why build when you can build with purpose? You can encourage strong democratic governance principles.

A chance to build something unique and you can be part of that. Its amazing if you sort of think about it. To be part of a town's reemergence. Wanna start a business, invest in a business, or try something new?....Contact Escanaba It helps our community and helps the people who live and visit here.

Key Highlights Below: 11/16/23 Escanaba Agenda

Approval – Request for Proposal (RFP) Restaurant at Harbor - Manager. Explanation: The Harbor Advisory Committee is requesting City Council approval of an RFP for the operation and lease of a restaurant at the Escanaba Harbor. If approved by the City Council, administration will solicit proposals in accordance with the RFP.

Approval - Closure of Ludington Street for Christmas Parade - DDA.  Administration requested City Council approval for the closure of Ludington Street for the annual Christmas Parade scheduled for December 1, 2023, at 6:00 p.m.  NB-5 Moore moved, Flath seconded, CARRIED UNANIMOUSLY, to approve the closure of Ludington Street for the annual Christmas Parade scheduled for December 1, 2023, at 6:00 p.m. 

NB-8 Approval – Resolution No. 23-24 – Patrons of Escanaba Schools Performing Arts – Nonprofit – Manager.  Patrons of Escanaba Schools Performing Arts sought City Council approval of Resolution No. 23-24 , recognizing them as a nonprofit organization operating in the community for the purpose of obtaining a Charitable Gaming License from the State of Michigan. 

Vision for Escanaba-Escanaba is a community well-supported by industry. To attract and retain talent in the new economy, a placemaking initiative is beginning on the eastern end of downtown. This district possesses several of the characteristics of a quality placemaking district, including regular public events, recreational opportunities, arts and culture, entertainment, and food and drink. In addition to existing offerings, millions of dollars of investment are being made by both the public and private sector. These efforts, and the expected spinoff development, have the potential to introduce hundreds of permanent residents and visitors through the creation of an attractive public space, increased housing units, added hotel rooms, and additional social opportunities.  

Ongoing Efforts: 

- Condominium and Mixed-Use Development (Former Chamber of Commerce Site) 

-Hampton Inn Development (Former Jail Site)

-Revitalization of the House of Ludington

-Lake Effect Distillery (Former Northern Michigan Bank)

-City of Escanaba Infrastructure

-RAP 2.0 New Public Restroom

-RAP 2.0 DDA Streetscape o $20 million CWSRF

Thompson, M. & McGregor, S. (April, 2011) Tourism in a small town: Impacts on community solidarity. International Journal of Sustainable Society, 3(2):174-189 https://www.researchgate.net/publication/259972605_Tourism_in_a_small_town_Impacts_on_community_solidarity

Black Friday Shopping Abode Analytics-Consumer Sales Boosted

Season sales revenue from November 1st to 26th is up 4.8% growth for the season when compared to last year. So far the mixed projections that economists forecast appear to be somewhat short compared to the actual outcome. Thus, at the moment it would seem that the 2/3- 3/4th of the economy supported by retail is getting a boost. 

(Let consider any impact Black Friday and Cyber Monday have through the chain of economic activity.)

Abode Analytic information provides some other states on conversion rates of online versus mobile which is interesting to think about if you have an online business. (Keep in mind the quick growth in online activity and improved infrastructure since COVID.)

Let us wait and see what cyber Monday brings.......

You will want to check back to see if the growth continues 2023 Black Friday Abode

-$9.8 billion Black Friday

-4.8% seasonal growth over 22'

-$221.8 billion so far this season

-Discount in the 25% range.

-6.5% desk top and 3.2% mobile

Will We See Increases in Consumer Spending over the Holidays?

The economic projections hint at the possibility of higher consumer spending but also seems to be relatively unsure of the extent of that increase. What does appear clearer is that consumer spending is open to some speculation by industry experts. For example, there are mixed data that can predict holiday increases in consumer consumption through cooling inflation, low unemployment, increases in GDP, and other economic data points. On the other hand, some economists are seeing downward pressure when compared to last year because of high credit card and mortgage interest, low savings rates, and other indicators of uncertainty.

You may purchase
Holiday Pine Cones
in The Wooded Pathway Gallery

You may wish to read about Retail and consumer Purchasing Behavior

Retail

National Retail Federation states that November and December would rise 3-4% in 2023. Respectively $957.3 billion and $966.6. Online sales and non-store sales are expected to grow between 7% and 9% which equates to between $273.7 billion and $278.8 billion (Further indication that the Digital Era/Information Age is quickly changing economic fundamentals leading to the need for new theories that build off older one's popular during Mercantilism and the Industrial Age.)

Consumer Purchasing Behavior

Abode Analytics indicates that consumer spent $76.8 billion online based on early holiday discounts and flexible payment methods (Abode, 2023). The analysis includes over a trillion retail visits, 100 million SKUs and 18 different product categories. Discounts in categories such as electronics and apparel between 9-12%. The report includes information on increases in purchases from mobile devices, steady curbside pick up and other potential trends. (Reading consumer reports helps in forecasting certain aspects of the market. Accuracy being based in the construct validity of the measurement(s))  

Abode Communications Team (Oct. 2023) Adobe Analytics: Consumers spent $76.8 billion online, enticed by early holiday discounts and flexible payment methods. https://blog.adobe.com/en/publish/2023/11/09/adobe-analytics-early-holiday-spending#:~:text=2023).,online%2C%20up%204.3%20percent%20YoY.

National Retail Federation (Nov. 2023). Monthly Economic Review: November 2023. https://nrf.com/research/monthly-economic-review-november-2023 

Rowing Your Way Into Fitness: Work-Life Balance for Executives

Work-Life Balance (WLB) is the ability find parity between one's required work activities and other aspects of one's recreational life to enhance performance on and off the corporate leather chair. Executives often struggle with maintaining healthy weight and appropriate fitness levels due to the nature of their fast paced, cut to the second, lifestyles. Such suit wearing warriors would benefit from outlets that provide them opportunities to step away from the excitement of the dog-eat-dog world of business and fulfill their competitive cravings in other arenas (Being focused on the business prices can be enjoyable as well but is limiting in the long run if one doesn't find alternate interests. Many people have come to the day of retirement and wondered if they maximized their time and enjoyment.).

The morning is just a cresting glow almost imperceptible over the horizon, crystalized breath in chilly morning air, fingers numb but still able to curl, and nothing can be heard except awakening outdoor wildlife.  Gliding along the water's surface, the oars slip in, challenge the water, and then feather out with little more then a butterfly's ripple. A bird swoops past as the emboldened shadow of the sun rises.

Sculling is a sport that pushes ones physical and mental abilities to improve, adapt, become stronger, and more capable with each stroke. Few can wake up in the early morning hours and brave the predawn water hours before normal people's alarm clocks rip awake the conscious of cozy dreamers. The very act self inflicted discipline separates rowers from non rowers and the most diligent from the least diligent. Grit as a factor in school, business, and sport!

A research study on rowing's impact on health for 15 participants found that rowing significantly reduced fat mass and body fat percentages leading to a healthier lifestyle. Bone marrow content of 14 subjects also increased marginally. The Effects of Indoor Rowing. Sculling requires cardiovascular commitment and consists of short bursts of energy similarly known to increase muscle tone and bone density.

Happiness in the work can be measured secondarily through engagement in non-work related physical activity and recreational outlets. Research has found that those who engage in WLB had obtained good health and positive prosperity when compared to those who did not engage in beneficial WLB . The research is not necessarily ground breaking but does highlight the point that physical exercise can influence workplace performance. You can read more about that associate in Outcomes of Physical Activities and Sports on Work-Life Balance of Employees

For those considering improving their health and work-life-balance they may want to self reflect on your interests, resources, and time to find those activities that can improve physical health, community connection, and a psychological outlook at the same time. When one wants to maximize the use of their downtime they could consider something that hits multiple recreational birds with one stone. If you don't like rowing, consider something like pickle ball.  Don't like pickle ball, join a walking group or dance group. If you have no idea what you like try out a lot of things (Trust me, there are some people who have no idea what they like because they haven't explored all the opportunities. They may have culturally been confined to certain sports but have opened up their opportunities.) You get the point, pick what you want!

* I have a trainers license so feel free to send me a message if you seek some guidance in your workouts. 

(No affiliation with the organization but the video is certainly motivating.)