Afternoon Coffee: CIPS Appoints Bill Michels to Head US Operations, Commodities Soar to 3-Year Highs

The Chartered Institute of Procurement and Supply announced Friday it had appointed Bill Michels to vice president of operations in the Americas, according to a press release.

“This is a really exciting development for CIPS and recognizes the growing demand we are seeing from both our existing client base and new organizations looking to develop their procurement standards and capabilities across the US, said Duncan Brock, CIPS Director. “Bill is an excellent addition to our global CIPS team and we look forward to expanding our existing US network.”

Commodities Boom

Strong manufacturing activity has sent global commodities prices to three-year highs, Bloomberg reports. The recent surge poses risks, however, as central banks will need to balance their desire for growth with the need to prevent runaway inflation should the measure pick up faster than expected.

Oil Rally

Of all of the commodities lifted by the global manufacturing boom, oil’s recent rally has been the most surprising. As the Wall Street Journal writes, oil prices closed Thursday at a three-year high, with US crude stockpiles dropping and geopolitical tensions stoking fears about supply continuity.

Jobs Report 

And finally, an economic update: The US economy added 148,000 jobs in December, CNBC reports, falling short of the 190,000 expected by economists. Average hourly earnings again rose modestly to 2.5%.

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