As August abruptly arrives, as it often does, business leaders may be leading with substantial decisions about the next two months of the third quarter and the fourth quarter. It hasn’t been an easy year for many companies. For us at CFO, we have dealt with enormous changes to how we function over the past few weeks. We have embraced change, and with two of our team members doing their first college drop-off as a parent this month, change, both personally and professionally, like at most organizations, will continue.
Companies, like families, have their ups and downs, and sometimes the journey isn’t easy. The hard work and struggles, although at the moment may seem tough, allow for the character development needed both personally and professionally for everyone involved to grow. Sometimes we try to forget the tough times. But in retrospect, they can teach us more about life than when our business or relationships sail smoothly.
So whether it's making the extra effort to be collaborative with your CEO or other executives over the next few weeks, treating your employees with a little more gratitude as they work hard throughout the summer, or hugging your kid a little harder before they scoot away to their first semester of college, know that when the autumn is in full swing, the opportunity to act on and savor those moments will be long gone.
Part 1: Q&A With Bally’s CFO Marcus G. Glover
This week, reporter Adam Zaki talks to Bally’s CFO Marcus G. Glover. Zaki and Glover discuss his near 20-year career in the casino and entertainment industry, his new CFO role and his experience in other areas of the C-suite, and how the finance chief of a multinational casino and resorts business handles cybersecurity. (8/3)
In a separate story, Zaki will also take a look at a new survey from Tech.co that highlights the murkiness of ethics in artificial intelligence usage. The research found that nearly three-quarters of business leaders want their employees to ask permission before using AI in the workplace. (8/2)
Part 2: Economic Calendar
Monday — The past three quarterly surveys of senior loan officers by the Federal Reserve have shown weaker demand and tighter terms for commercial real estate and commercial and industrial (C&I) loans at U.S. banks. The July survey, to be released today, most likely will show more of the same.
Tuesday — The Job Openings and Labor Turnovers survey (JOLTs) gets released. While U.S. job openings have fallen from their peak of 11.8 million in March 20222, they’re still nearly 40% above pre-pandemic levels.
The Department of Commerce publishes its monthly construction spending data, including private and public projects.
Wednesday — ADP’s monthly employment report will be released, expected to show an increase of more than 170,000 jobs added to the payrolls of private-sector businesses.
Thursday — U.S. labor productivity has been contracting this year but may show an increase for the second quarter, according to economists’ projections. Unit labor costs are also expected to increase.
The Challenger, Gray & Christmas layoffs report is expected to show announced job cuts in the 40,000 range, about the same as June’s number, a significant drop from earlier in the year. The period Challenger called the “tech purge” has slowed down, at least temporarily.
Friday — July’s jobs report is expected to show a moderate increase in nonfarm payroll jobs, and the U.S. unemployment rate barely moving, despite higher interest rates. Average hourly earnings data is also due. Hourly wages have increased 4.4% or more year-over-year since July 2021.
Black Hat USA, the long-running cybersecurity event, starts on Saturday, August 5, at Mandalay Bay in Las Vegas.
Earnings this week — Apple, Amazon, Avis Budget, ZoomInfo Technologies, Western Digital, Yum China, Tenet Healthcare, Cushman & Wakefield, Huntsman, Sonoco, Legatt &Platt, Advanced Micro Devices, Pinterest, Virgin Galactic, Caesars Entertainment, Suncor Energy, Paycom Software, Vertex Pharmaceuticals, AIG, Electronic Arts, Allstate, Assurant, Paypal, Shopify, Qualcomm, MGM Resorts, DoorDash, Metlife, Zillow, Lincoln National, Airbnb, Gilead Sciences, Monster Beverage, Workiva, Starbucks, Toyota, Caterpillar, Kraft Heinz, Hasbro, Kellogg, Pfizer
Part 3: How CFOs Can Thrive Amid Uncertainty
To be successful in today’s uncertain economic environment, CFOs need to reinforce strategies with forecasting and scenario planning and ensure the balance sheet is optimized to support the organization’s go-forward strategy. Using the three actions outlined in this column, CFOs can transform uncertainty into an opportunity and help develop resilience to face upcoming challenges. (8/1)
Quote of the Week
"The goal for us is to drive profitable revenue. As we create demand through compelling offers and incentives, it’s very easy to drive top-line revenues. The key, however, is to do so profitably."
— Marcus Glover, CFO, Bally’s