Afternoon Coffee: Deloitte report lays out a plan for businesses, racial equity; US household income, consumer spending increase; PRO recap: Supplyframe DirectSource, CW/S Hot List

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Businesses are seen as key to address bias and racism in society, and the consultants at Deloitte have offered their insights in a new report called “The Equity Imperative.”

The report tackles the question “Why racial equity now?” and, to help business leaders consider their choices and influence, it looks at four possible outcomes. The effort is meant to spark the imagination of how racial equity benefits all in a society. The report concludes by providing deliverable actions that leaders can take to promote equity and see measurable results, like retaining diverse talent in the workplace.

“We know this work won’t be easy. It will take empathy and vulnerability, tough conversations and constant self-reflection,” Janet Foutty, Executive Chair of the Board at Deloitte US, said in the report. “But the stakes are too high to settle for inaction. The rewards of our efforts, measured in every meaningful way, will be truly transformational.”

US household income and consumer spending increase in January

US household income jumped 10% in January as Americans received stimulus payments from the federal government while consumer spending rose 2.4%, according to the Wall Street Journal.

The increase in income was the second largest on record, just behind last April’s increase after an initial round of Covid pandemic relief payments. January’s rise in consumer spending was the first since October. The increase in household income and consumer spending is an encouraging sign that the economy will see growth this year, the article said.

“That combo will be quite powerful in driving consumer spending this year,” Lydia Boussour, a senior economist at Oxford Economics, told the WSJ.

She projected that US output will fully recover from the pandemic-related downturn by this summer because of the surge of consumer spending.

Spend Matters' analysts look at Supplyframe DirectSource, contingent workforce/services news in Hot List

This week, Spend Matters PRO analyst Michael Lamoureux provided a two-part Vendor Analysis of Supplyframe DirectSource, an e-sourcing solution for direct materials, especially the high-tech industry. Also, analyst Andrew Karpie gave a look into February's news in the contingent workforce/services market in his monthly Hot List.

Our PRO subscribers can read the full articles, but all readers can see the lengthy intros that frame the issues being discussed. This week:

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