WEBVTT NOTE This file was generated by Descript 00:00:00.890 --> 00:00:04.160 Victoria Meyer: Hi, this is Victoria Meyer, welcome back to the chemical show 00:00:04.180 --> 00:00:07.210 where chemicals means business today. 00:00:07.210 --> 00:00:10.939 I'm bringing you the second of short episode, bringing you some 00:00:10.950 --> 00:00:15.070 nuggets of insights from day two of the chemical summit, which was 00:00:15.070 --> 00:00:16.650 held on October 8th and ninth. 00:00:16.650 --> 00:00:19.500 Day two of the summit focused on customers, relationships, 00:00:19.630 --> 00:00:21.350 and global economics. 00:00:21.350 --> 00:00:24.140 So we had a number of great speakers. 00:00:24.140 --> 00:00:29.099 In fact, the feedback that we got has been insightful, inspiring. 00:00:29.500 --> 00:00:30.380 Transformational. 00:00:30.750 --> 00:00:34.820 So if you missed it and are feeling a little sad or a little FOMO, 00:00:34.850 --> 00:00:38.189 you know, if you're missing out, head on over to thechemicalsummit. 00:00:39.709 --> 00:00:42.760 com and get your virtual ticket. 00:00:43.200 --> 00:00:46.629 That virtual ticket will allow you to access recordings of the 00:00:46.640 --> 00:00:50.839 speakers and panelists, plus any slides or content that they shared. 00:00:51.219 --> 00:00:55.120 You'll get the chance to connect with other leaders in our exclusive 00:00:55.120 --> 00:00:56.850 Chemical Summit community. 00:00:57.345 --> 00:01:02.475 And you are going to gain actionable insights to move your personal 00:01:02.475 --> 00:01:05.345 leadership and your business forward. 00:01:06.035 --> 00:01:09.955 So as I said, day two of the summit focused on customers, 00:01:09.955 --> 00:01:11.194 relationships, and markets. 00:01:11.445 --> 00:01:15.644 We started with Melina Palmer, who is a behavioral economist 00:01:15.995 --> 00:01:18.355 and CEO of the brainy business. 00:01:18.965 --> 00:01:20.165 She was talking about. 00:01:20.540 --> 00:01:25.390 Customer nudges and what your customers want and can't tell you. 00:01:25.760 --> 00:01:30.110 Let me just tell you, she is a dynamic and insightful speaker. 00:01:30.800 --> 00:01:31.950 So many nuggets. 00:01:32.060 --> 00:01:36.040 I'm only going to share one or two with you today because frankly, um, 00:01:36.069 --> 00:01:38.930 the whole episode could be about that and that's not my intent, but if you 00:01:38.930 --> 00:01:43.320 want to listen in, honestly, Head on over to, um, thechemicalsummit. 00:01:43.320 --> 00:01:45.590 com to get your ticket because you don't want to miss that. 00:01:46.180 --> 00:01:52.149 We ended with economist and futurist Jason Shanker of Prestige 00:01:52.179 --> 00:01:54.679 Economics and Futurist Institute. 00:01:55.579 --> 00:01:58.430 So Jason discussed economics. 00:01:58.740 --> 00:02:04.930 Current and future state of global economy geopolitics, what he calls the 00:02:04.950 --> 00:02:11.699 cold world, the cold war two, and what the chemical industry needs to watch for. 00:02:13.030 --> 00:02:20.120 It was Intense, intense, that's how I can really say, um, and in between we had 00:02:20.120 --> 00:02:24.930 some great speakers and panelists talking about customers journey and customer 00:02:24.930 --> 00:02:29.749 segmentation, as well as the importance of strategic business relationships. 00:02:29.750 --> 00:02:35.140 So, you know, on stage on day two alone, we had something like, I don't 00:02:35.140 --> 00:02:39.020 know, 150 years of experience in the chemical industry collectively. 00:02:39.385 --> 00:02:43.025 Plus our expert speakers from other markets, Melina and Jason. 00:02:43.025 --> 00:02:47.895 So really powerful and impactful what was happening on stage and 00:02:47.975 --> 00:02:52.025 also the conversations and the insights and connections in the room. 00:02:52.275 --> 00:02:55.024 And that frankly is one of the things that makes the chemical 00:02:55.034 --> 00:02:57.445 summit so special and so unique. 00:02:57.875 --> 00:02:59.235 So that's that. 00:02:59.505 --> 00:03:01.665 Um, let me talk to you right now about some of the 00:03:01.705 --> 00:03:04.005 outstanding insights of day two. 00:03:04.755 --> 00:03:05.925 So the first thing. 00:03:06.295 --> 00:03:10.185 Melina Palmer was talking about this, the importance of creating 00:03:10.195 --> 00:03:11.985 delight for your customers. 00:03:12.015 --> 00:03:13.875 Your customers want to be delighted. 00:03:14.195 --> 00:03:19.584 Um, and she brings some great examples, both of, how anticipation, and 00:03:19.584 --> 00:03:23.604 anticipation of the reward and of the great experience that you're going to have 00:03:23.684 --> 00:03:29.324 is what drives that, um, anticipation that may or may not happen when it does occur. 00:03:29.324 --> 00:03:31.614 Um, You're truly delighted. 00:03:31.844 --> 00:03:35.714 And I'm going to integrate a little clip from Melina right here. 00:03:35.715 --> 00:03:38.725 Melina Palmer: so, you want to think about what it is that you're incentivizing those 00:03:38.725 --> 00:03:41.805 team members to do and think about those more thoughtful questions that you can 00:03:41.805 --> 00:03:43.875 be asking internally and with customers. 00:03:43.875 --> 00:03:47.475 So, if you were to instead of saying, were you satisfied with your service? 00:03:47.504 --> 00:03:49.395 Which, meh, right? 00:03:49.595 --> 00:03:51.814 But if instead to say, were you delighted? 00:03:52.920 --> 00:03:53.830 at the bank today? 00:03:54.680 --> 00:03:57.200 Like, Oh, was I delighted? 00:03:57.440 --> 00:04:01.520 One, if you have to think about it like that, no, you weren't, but 00:04:01.520 --> 00:04:03.280 it's a very clear difference, right? 00:04:03.300 --> 00:04:06.430 And when we look at, like if I'm working with a client and we're looking 00:04:06.430 --> 00:04:10.949 at redoing some internal processes or something and asking team members 00:04:10.959 --> 00:04:12.940 say, what would make you love this? 00:04:13.100 --> 00:04:14.870 Like I know you hate the website right now. 00:04:15.150 --> 00:04:16.630 How would you just love it? 00:04:16.640 --> 00:04:18.710 We hate these customer surveys. 00:04:18.940 --> 00:04:20.130 What would make them amazing? 00:04:20.370 --> 00:04:23.330 What are we really trying to find out here too, right? 00:04:23.470 --> 00:04:26.440 Because again, it's a lot of like 10 pounds of sugar in the 5 pound 00:04:26.450 --> 00:04:29.700 bag that we get with those sorts of surveys, which is why we hate them. 00:04:30.019 --> 00:04:34.040 It's 8 pages long and a bunch of things that nobody cares about. 00:04:34.040 --> 00:04:34.780 It's exhausting. 00:04:34.790 --> 00:04:36.459 You're not getting good data from it anyway. 00:04:36.650 --> 00:04:41.000 So if we say, what, if we can only do one thing with this, why are 00:04:41.000 --> 00:04:42.810 we even asking anybody anything? 00:04:42.820 --> 00:04:44.320 What is it that we're trying to do? 00:04:45.250 --> 00:04:51.650 And is there just like one thing we can ask or two that's going to help us to 00:04:51.680 --> 00:04:55.109 understand this and do that really well. 00:04:55.180 --> 00:04:56.870 And then we can move on to the next thing. 00:04:57.449 --> 00:04:59.840 Those are some opportunities to not be stuck in that status 00:04:59.840 --> 00:05:03.010 quo of what we've always done and look for the opportunities. 00:05:03.060 --> 00:05:06.969 Victoria Meyer: Then second strategic and outstanding insight that came 00:05:06.970 --> 00:05:12.410 from day two also comes from Melina and it's about the nudge and you 00:05:12.410 --> 00:05:13.980 guys have experienced this, right? 00:05:13.990 --> 00:05:18.370 So you go to a restaurant and you're looking at your menu and they have things 00:05:18.420 --> 00:05:20.740 on there that are maybe chef special. 00:05:21.050 --> 00:05:22.160 Most popular. 00:05:23.190 --> 00:05:24.750 I kid you not most popular. 00:05:24.750 --> 00:05:26.960 We've all seen this and we're like, Oh really? 00:05:26.960 --> 00:05:27.850 Is it the most popular? 00:05:27.850 --> 00:05:32.816 And how many times do you personally look twice or maybe just buy 00:05:32.876 --> 00:05:34.526 what the most popular item is? 00:05:35.026 --> 00:05:37.186 Imagine adding. 00:05:37.806 --> 00:05:42.516 Most popular to your business's website, or as you think about 00:05:42.516 --> 00:05:44.316 targeting for a specific formulation. 00:05:44.336 --> 00:05:49.956 So let's just say, um, surfactants and laundry detergents, right? 00:05:50.016 --> 00:05:54.336 So, you know, putting on your website most popular. 00:05:54.591 --> 00:05:56.361 For laundry detergents. 00:05:56.411 --> 00:05:56.701 Right. 00:05:56.771 --> 00:05:58.701 How cool is that? 00:05:59.021 --> 00:06:00.231 You provide formulations. 00:06:00.241 --> 00:06:02.891 I know that you do, um, in many cases, right? 00:06:02.891 --> 00:06:06.341 With one of the services that many chemical companies and distributors offer. 00:06:06.781 --> 00:06:10.921 But what about just that visual nudge of. 00:06:11.506 --> 00:06:15.826 Most popular favorite best product, right? 00:06:15.846 --> 00:06:18.946 So we've seen this, we see those a lot on a consumer basis. 00:06:18.966 --> 00:06:23.626 It's certainly, um, something to consider doing on a business basis. 00:06:23.656 --> 00:06:26.976 And, um, here's another comment of Melina. 00:06:27.016 --> 00:06:29.916 Here's a little clip from Melina talking about just that. 00:06:30.736 --> 00:06:33.126 Melina Palmer: one thing that's really important too, when we 00:06:33.126 --> 00:06:38.456 understand human behavior is that we humans are a herding species, just 00:06:38.456 --> 00:06:40.986 like sheep and cows and guppies. 00:06:41.166 --> 00:06:46.966 We look to others like us to know what is safe, how we should act, what's right. 00:06:47.646 --> 00:06:49.876 We want to know someone else did the due diligence so our 00:06:49.876 --> 00:06:51.276 lazy brain doesn't have to. 00:06:52.096 --> 00:06:59.121 This is why ratings, testimonials, social proof, knowing someone like 00:06:59.121 --> 00:07:04.841 me did this and they had the same concern I had, but they love it. 00:07:05.071 --> 00:07:06.691 But I would love it too, right? 00:07:06.971 --> 00:07:10.761 There's safety in that even listing something on a menu that was most 00:07:10.771 --> 00:07:14.834 popular and actually just writing most popular over the top of it 00:07:14.834 --> 00:07:19.016 increased the likelihood that people bought that 20 to 30%. 00:07:19.216 --> 00:07:23.686 Victoria Meyer: The third strategic insight comes from the topic savvy 00:07:23.686 --> 00:07:30.736 segmentation with Jeanine Hurry of Xenon arc and Shelly Linkerhof of Clariant. 00:07:31.046 --> 00:07:38.776 And these two ladies teamed up to provide a really great hands on conversation about 00:07:38.826 --> 00:07:40.926 customer journey and customer experience. 00:07:41.316 --> 00:07:45.496 And the thing that stood out for me, in fact, this nugget that Janine 00:07:45.496 --> 00:07:48.366 shared, is around segmentation. 00:07:48.846 --> 00:07:51.526 Is a catalyst for growth, right? 00:07:51.536 --> 00:07:53.116 So we don't often think about that. 00:07:53.426 --> 00:07:56.986 I know chemical companies from time to time have struggled with how do 00:07:56.986 --> 00:07:58.206 you really segment your customers? 00:07:58.206 --> 00:08:01.316 We've all gone through it, we do it, and then it lags, et cetera. 00:08:01.656 --> 00:08:05.386 But I'm going to share just a nugget here from Janine and Shelley 00:08:05.386 --> 00:08:09.116 talking about the importance, number one of your brand story, right? 00:08:09.156 --> 00:08:13.656 So what is it that your company stands for and how do you demonstrate that? 00:08:14.056 --> 00:08:18.091 And The importance of segmentation and that segmentation is 00:08:18.091 --> 00:08:19.741 truly a catalyst for growth. 00:08:20.531 --> 00:08:21.601 Here's Janine and Shelley. 00:08:22.281 --> 00:08:24.541 jeanine: And the beginning of that bridge is your brand story. 00:08:24.891 --> 00:08:29.131 That is the creative and the emotional connection to your customer that 00:08:29.141 --> 00:08:32.271 some of the engineers I've worked with in the past have been a little 00:08:32.271 --> 00:08:34.231 bit uncomfortable with, right? 00:08:35.011 --> 00:08:35.881 And why is that? 00:08:35.911 --> 00:08:38.431 It's because it's sometimes hard to calculate. 00:08:38.921 --> 00:08:43.221 And engineers like their Yeah, they like the data. 00:08:43.221 --> 00:08:43.721 Indeed. 00:08:44.081 --> 00:08:48.351 And so, but we all know that a brand, a strong brand like Coca Cola or Apple 00:08:48.471 --> 00:08:51.851 really does connect the customer and it helps build that brand loyalty, 00:08:51.851 --> 00:08:53.071 which is the other side of the bridge. 00:08:53.101 --> 00:08:55.161 And Melina was talking about that this morning as well. 00:08:55.411 --> 00:08:58.731 So that's one reason why the brand story is Super important. 00:08:59.061 --> 00:08:59.681 Super important. 00:08:59.721 --> 00:09:00.331 I'm just curious. 00:09:00.331 --> 00:09:01.591 How many engineers are in the room? 00:09:01.591 --> 00:09:05.431 Yeah, that's not as many as I thought. 00:09:05.501 --> 00:09:05.821 Yeah. 00:09:05.851 --> 00:09:09.131 So as the engineer in the room, I definitely had to learn how 00:09:09.131 --> 00:09:13.031 important that brand story is and it's strategically important. 00:09:13.841 --> 00:09:14.801 Doesn't stop there though. 00:09:15.321 --> 00:09:18.841 No, it really doesn't because that brand story should make sure it articulates your 00:09:18.841 --> 00:09:22.861 purpose and it connects the customer with why they want to do business with you. 00:09:22.891 --> 00:09:26.571 It's your voice and it's your identity and it's your differentiator. 00:09:26.741 --> 00:09:27.391 And so. 00:09:27.631 --> 00:09:32.551 Even though it's hard to quantify, if you don't have it, you'll get lost out there. 00:09:32.891 --> 00:09:36.431 But what's also very important is the customer loyalty aspect of it. 00:09:36.501 --> 00:09:40.011 If your employees know your brand story, and they're living it day to 00:09:40.011 --> 00:09:44.351 day, then the customer experience isn't just the customer service desk. 00:09:44.726 --> 00:09:47.406 It's everybody in the organization really trying to build 00:09:47.406 --> 00:09:48.746 that, that customer loyalty. 00:09:49.916 --> 00:09:50.486 Okay. 00:09:50.776 --> 00:09:53.546 SJeaninene, how about we make it stick for everybody? 00:09:54.026 --> 00:09:57.486 So you guys are going to have some homework here in a few minutes, 00:09:57.796 --> 00:10:02.306 but to make this stick, uh, segmentation is a catalyst for growth. 00:10:02.316 --> 00:10:04.076 So hopefully just a couple of stories. 00:10:04.536 --> 00:10:08.826 Help you believe that, um, it is the first step toward growth, but it has 00:10:08.826 --> 00:10:12.876 to be paired with the journey and experience completely aligned with Milena. 00:10:13.536 --> 00:10:16.576 You guys all have the capacity and capability for a good 00:10:16.576 --> 00:10:17.946 segmentation analysis. 00:10:18.066 --> 00:10:22.876 Most of us here have, we've talked about this too, data, we're drowning in data. 00:10:23.176 --> 00:10:24.826 We now have integrated platforms. 00:10:24.826 --> 00:10:29.216 Many of us do and access to AI, which should help you with that analysis. 00:10:30.041 --> 00:10:33.891 There's real value in helping the customer across that bridge. 00:10:33.901 --> 00:10:38.631 Sometimes that that bridge there's it's opaque to get across that bridge. 00:10:38.641 --> 00:10:42.431 But I'm building that pathway is way more than a brochure. 00:10:43.311 --> 00:10:47.881 So lastly, revisit these steps at a frequently frequency that 00:10:47.881 --> 00:10:49.361 makes sense for your team. 00:10:49.811 --> 00:10:51.141 It's not just once and done. 00:10:51.151 --> 00:10:53.371 So you need to iterate, evolve and improve. 00:10:53.681 --> 00:10:55.001 So let's wrapping it up. 00:10:55.341 --> 00:10:59.261 Customer segmentation, start small, prove results, customer 00:10:59.261 --> 00:11:01.201 journey, build the pathway. 00:11:01.571 --> 00:11:03.871 A customer experience, it's more than a brochure. 00:11:04.271 --> 00:11:06.681 Victoria Meyer: the fourth strategic insight that I want to share from 00:11:06.681 --> 00:11:11.951 day two of the chemical summit is the importance of consistency. 00:11:12.281 --> 00:11:16.071 In building trust with your suppliers and your customers. 00:11:16.101 --> 00:11:18.501 And okay, that kind of makes sense. 00:11:19.591 --> 00:11:21.451 It also, we all recognize, right? 00:11:21.481 --> 00:11:23.641 That sometimes that doesn't always happen. 00:11:23.951 --> 00:11:28.511 So this insight, and, and again, it was a power hour of insights from 00:11:28.861 --> 00:11:30.311 Michael Siever of Integrity Biochem. 00:11:31.296 --> 00:11:37.486 Jamie Creamer of Carpenter company and Frank Fisher of South Carolina chemical. 00:11:37.826 --> 00:11:42.466 All of those folks have tremendous depth of experience in the chemical 00:11:42.466 --> 00:11:47.686 industry, in managing relationships, in building trust and building consistency 00:11:48.016 --> 00:11:49.586 with their customers and suppliers. 00:11:49.606 --> 00:11:55.676 And so here is a snippet of Jamie Creamer from Carpenter talking just 00:11:55.676 --> 00:11:57.636 about that, how you build trust. 00:11:58.026 --> 00:11:58.486 Listen, 00:11:59.106 --> 00:12:02.866 Jamie Creamer: The next thing I think is super important is consistency. 00:12:03.236 --> 00:12:06.616 You have to be consistent with your customer or with your supplier, because 00:12:06.616 --> 00:12:08.336 that's what builds trust over time. 00:12:08.606 --> 00:12:12.666 we spoke earlier this morning about the peaks and the valleys, and a lot of times 00:12:12.676 --> 00:12:14.166 that's what builds that trust, right? 00:12:14.166 --> 00:12:17.866 You may have a situation that happens, and, your supplier comes to you and 00:12:17.866 --> 00:12:19.476 they say, Hey, listen, we messed up. 00:12:20.186 --> 00:12:22.016 They're transparent about the situation. 00:12:22.286 --> 00:12:24.286 They give you details on how they're going to fix that. 00:12:24.506 --> 00:12:27.436 And that goes a long way in building that trust and that loyalty 00:12:28.106 --> 00:12:31.596 Victoria Meyer: Our final speaker of the day was so powerful. 00:12:31.856 --> 00:12:34.716 Jason Shanker, who is an economist and futurist. 00:12:35.476 --> 00:12:41.616 He brought so many nuggets of wisdom, um, insights about what's going on in 00:12:41.616 --> 00:12:46.516 the economy globally, broadly, the effect of The current election cycle that's 00:12:46.516 --> 00:12:50.606 going on in the US, what it means if we do and don't have a really clear, 00:12:50.606 --> 00:12:57.326 consistent answer, um, to that on November 5th, which I think is our election day. 00:12:57.546 --> 00:13:01.326 Anyway, so, so many, so many great insights there, but the number one 00:13:01.796 --> 00:13:04.666 thing that I'm going to talk about here, and I think the takeaway for leaders 00:13:04.666 --> 00:13:10.016 to really think about is, Is, um, recognizing the variability of geographic 00:13:10.016 --> 00:13:12.076 spending and demand differences. 00:13:12.076 --> 00:13:12.386 Right? 00:13:12.386 --> 00:13:19.056 So if we think about U S North America, Europe, Asia, and just what the 00:13:19.096 --> 00:13:23.826 current economic strengths are and how that is driving trade tensions. 00:13:24.136 --> 00:13:30.556 And really the importance of having scenarios in place so that you and 00:13:30.556 --> 00:13:32.566 your company are ready to respond. 00:13:33.046 --> 00:13:38.146 As the geopolitics and other tensions flare and impact and 00:13:38.146 --> 00:13:42.196 affect trade, affect, trade affect, supply chains, affect business. 00:13:42.256 --> 00:13:47.236 So here is Jason talking about some of those geographic demand differences. 00:13:48.041 --> 00:13:50.971 jason schenker: On the upside, right now, we think about what's going on in the U. 00:13:50.971 --> 00:13:51.111 S. 00:13:51.111 --> 00:13:51.781 economy. 00:13:52.711 --> 00:13:53.671 Good news is, U. 00:13:53.671 --> 00:13:53.851 S. 00:13:53.861 --> 00:13:56.851 GDP is good and growth data have been solid. 00:13:57.451 --> 00:14:01.991 Inflation rates, which have been a major cause for concern, they have fallen, 00:14:02.001 --> 00:14:03.911 although they still remain elevated. 00:14:04.476 --> 00:14:07.356 Interest rates are poised to fall further. 00:14:07.356 --> 00:14:08.586 They've started falling. 00:14:08.616 --> 00:14:11.136 And of course, consumer debt delinquencies are low. 00:14:11.136 --> 00:14:12.636 So that's the big news, right? 00:14:12.896 --> 00:14:14.386 GDP growth is solid. 00:14:14.386 --> 00:14:15.566 Jobs have been pretty good. 00:14:15.566 --> 00:14:17.216 Inflation rates have fallen. 00:14:17.396 --> 00:14:18.906 Interest rates are on the way down. 00:14:18.936 --> 00:14:20.506 Consumer debt delinquencies are low. 00:14:20.546 --> 00:14:23.006 Now that's really important because 70 percent of GDP. 00:14:23.401 --> 00:14:24.701 It's driven by the consumer. 00:14:24.701 --> 00:14:26.091 It's people buying stuff. 00:14:26.841 --> 00:14:29.931 I'll dig into all of these a little bit more in detail in a second, 00:14:29.931 --> 00:14:33.081 but the downside risks are also significant because job gains have 00:14:33.081 --> 00:14:35.911 slowed, even though they're positive, they are slower than what they were. 00:14:36.181 --> 00:14:38.431 Consumer inflation is still elevated. 00:14:38.461 --> 00:14:40.891 Interest rates are still high. 00:14:41.331 --> 00:14:43.731 And Cold War II is ongoing and U. 00:14:43.731 --> 00:14:43.891 S. 00:14:43.921 --> 00:14:45.571 political uncertainty is high. 00:14:45.611 --> 00:14:50.251 And if you ask me what the big spoilers of the outlook could be, it's those last two, 00:14:50.291 --> 00:14:53.341 Cold War II and the political uncertainty. 00:14:54.136 --> 00:14:55.986 So let's start with the economic growth, right? 00:14:55.986 --> 00:14:59.886 Most recent quarter, we have data for Q2 GDP was 3 percent 00:14:59.896 --> 00:15:01.246 based on the data out today. 00:15:01.566 --> 00:15:04.436 Q3, this is from the Atlanta fed is likely to be 3. 00:15:04.436 --> 00:15:09.286 2 percent compared to the growth rates in other advanced economies. 00:15:09.286 --> 00:15:13.166 And I know this is small in the back, but the big takeaway is that if you 00:15:13.166 --> 00:15:16.856 look, the U S growth rate last year of 2. 00:15:16.856 --> 00:15:22.806 5 percent was the fastest of any advanced economy this year. 00:15:23.341 --> 00:15:26.431 US GDP expected to be 2. 00:15:26.431 --> 00:15:26.821 6. 00:15:26.821 --> 00:15:32.211 Same deal expected to be the fastest growing advanced economy in the world. 00:15:33.151 --> 00:15:36.041 Next year, the forecast is for it to be 1. 00:15:36.041 --> 00:15:36.051 9%. 00:15:36.051 --> 00:15:37.731 These forecasts from the IMF. 00:15:38.526 --> 00:15:42.856 If you do business as a chemical business is often want to do in Europe, 00:15:42.876 --> 00:15:49.216 the folks in Europe would absolutely like I see jaws dropping mouthwatering 00:15:49.216 --> 00:15:53.296 over the prospect of two and a half to 3 percent GDP numbers, right? 00:15:53.516 --> 00:15:57.446 These look more like emerging market growth rates than advanced economies. 00:15:58.221 --> 00:16:02.311 And then you've got though other concerns, some of which is tied to Cold War II, 00:16:02.311 --> 00:16:04.011 which is that China's slowed down. 00:16:04.021 --> 00:16:06.451 So last year Chinese GDP was 5. 00:16:06.451 --> 00:16:11.211 2, this year it's expected to be around 5, expected to slow further next year to 4. 00:16:11.211 --> 00:16:12.171 5. 00:16:12.591 --> 00:16:14.751 And I would argue there's upside to the U. 00:16:14.751 --> 00:16:14.981 S. 00:16:14.981 --> 00:16:18.111 outlook and downside to the Chinese numbers. 00:16:18.511 --> 00:16:22.881 I'll talk about who the beneficiaries are of this ongoing conflict between the U. 00:16:22.881 --> 00:16:23.021 S. 00:16:23.021 --> 00:16:27.511 and China, but it's probably those unaffiliated countries like India, 00:16:27.551 --> 00:16:30.571 Mexico, that are neither in sort of the U. 00:16:30.571 --> 00:16:30.811 S. 00:16:30.811 --> 00:16:36.506 and its military allies, or Russia, China, and its military allies. 00:16:37.576 --> 00:16:38.186 So, the U. 00:16:38.186 --> 00:16:38.356 S. 00:16:38.356 --> 00:16:40.746 labor market's been positive, but it has slowed. 00:16:40.746 --> 00:16:43.366 This is really the big thing, and the reason I'm going to talk about labor 00:16:43.366 --> 00:16:45.396 market data again is 70 percent of U. 00:16:45.396 --> 00:16:45.546 S. 00:16:45.566 --> 00:16:46.906 GDP is consumption. 00:16:47.376 --> 00:16:49.406 It's people with jobs buying stuff. 00:16:49.436 --> 00:16:53.496 And don't tell anyone, this is a big secret, people with jobs do buy stuff, and 00:16:53.496 --> 00:16:56.276 right now we have record high payrolls, 00:16:56.816 --> 00:16:57.156 Victoria Meyer: all right. 00:16:57.216 --> 00:16:58.366 That's a wrap guys. 00:16:58.646 --> 00:17:01.326 Five insights from day two of the chemical summit. 00:17:01.366 --> 00:17:02.576 Thank you for listening. 00:17:02.676 --> 00:17:07.996 If you want the full story, the speakers and their insights, hearing their 00:17:08.236 --> 00:17:12.806 speeches, um, and talks and hearing the questions and answers that they 00:17:12.806 --> 00:17:16.126 were able to provide to people in the community and in the conference itself, 00:17:16.436 --> 00:17:18.136 head on over to the chemical summit. 00:17:18.426 --> 00:17:20.806 com and get your virtual ticket. 00:17:20.806 --> 00:17:23.456 So Limited access on that. 00:17:23.456 --> 00:17:26.166 We're only going to have it open for a short while, so you don't want to miss it. 00:17:26.596 --> 00:17:30.266 Also, you're going to get access to all the recordings plus access to a 00:17:30.266 --> 00:17:34.756 community of engaged chemical industry leaders, the people that were in the room, 00:17:35.116 --> 00:17:37.356 engaging, convening, and gaining insights. 00:17:37.476 --> 00:17:40.026 Really super cool, unique opportunity. 00:17:40.556 --> 00:17:42.976 Also pre sales for next year's event have started. 00:17:43.296 --> 00:17:44.576 You don't want to miss it. 00:17:44.806 --> 00:17:45.896 Seats are limited. 00:17:46.116 --> 00:17:47.056 Get your seats early. 00:17:47.136 --> 00:17:48.276 So that's my pitch there. 00:17:48.616 --> 00:17:51.156 Anyway, thank you for listening to the chemical show. 00:17:51.166 --> 00:17:53.906 Keep listening, keep following, keep sharing, and we'll 00:17:53.906 --> 00:17:55.556 talk with you again soon.