Trade war implications for your business
No matter where your political affiliations lie, everyone agrees that this trade war with China is bringing with it some serious ramifications. A recent post by Business Insider illustrated the current trends, and where they might be headed. Here I spell out some of the highlights from the article.
1. Business optimism among small businesses fell to 103.1, which is a 1.6 fall.
2. Exports are plummeting! This has lead to falling industrial production as companies try and stay profitable.
3. Only 130,000 nonfarm jobs were added in August, a far cry from the 160,000 that were expected. Experts don’t believe it will stop there either, as they believe that job growth could slow to around 50,000/month by late fall.
4. Factory activity has dropped quite drastically, as there is less of a demand for exports. Luckily, 85% of goods produced in the US are still sold domestically, so all is not lost. It may be time to focus more on domestic markets!
5. Chinese leadership seems like they are starting to give up on the Trump administration. Experts here think that China may wait until after the 2020 election to sign a trade deal. This would mean that the effects of this trade war aren’t going away anytime soon.
Where we are
While these stats may seem alarming, the wheel of industry continues to turn. If your business does start trying to increase it’s domestic sales in light of increased export costs, inSitu Sales is here to help! Our sales software’s real-time tracking and mobile-invoicing technology allow you to be more streamlined and flexible than ever before, while our B2B e-commerce portal gives you an important e-commerce presence for when you can’t be directly in front of your customers. On top of that, inSitu sales tracks your sales analytics in real-time, taking the guesswork out of selling. Try inSitu for 14 days free, no credit card required, and watch your efficiency soar.