Accelerating Out Of Recession

By RedPrairie

5 Steps to Create Supply Chain Innovation in a Down Economy

Whether you label it a recession or an economic downturn, the simple fact is the U.S. and world economies are in the worst slump in years. And it is affecting everybody.

In addition to all the dismal news in the financial and housing markets, RIS News predicts there will be approximately 6,000 retail store closings in 2008 compared to 4,600 in 2007. The New York Times reported more than 45,000 trucks, about 3 percent of the U.S. tractor fleet, have disappeared from America's highways since early last year. While new home starts are at the lowest levels in years, in another article, the New York Times said nearly 3 percent of U.S. homes once occupied by their owners are now vacant, the highest level since the Census Bureau began publishing these numbers in 1956.

The U.S. Bureau of Labor Statistics reports the unemployment rate for September has jumped to 6.1 percent, with employment dropping 222,000 for the month. And recently General Motors announced it will speed up the closure of four factories that make SUVs and pickups, laying off 8,000 more workers. Of course the examples could go on and on, but the essential point is we are in tough economic times that will sooner or later impact your business. The question is, as a supply chain professional, what can you do about it?