US factory output up 0.5% in July, but lower than a year ago | Ocean cargo spot rates reverse upwards | Import prices increase 0.4% in July, most in a year
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August 18, 2023
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US factory production rebounded in July, growing by 0.5% from the previous month, though it remains 0.7% below production levels from a year ago, according to Federal Reserve data. A 5.2% jump in motor-vehicle output fueled the July increase, as the annual car assemblies rate was the highest since late 2018 at 11.87 million. Data showed manufacturing output excluding motor vehicles rose 0.1% after declining the previous two months.
Full Story: MarketWatch (tiered subscription model) (8/16),  Bloomberg (8/16) 
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Ocean cargo spot rates reverse upwards
(Pixabay)
Decreasing spot rates for ship cargo during the first half of the year are on an upward trajectory, such as the 61% increase in fees during the past six weeks for 40-foot containers from China to the US West Coast, per Xeneta. Shippers have contended with roller coaster rates, including rises during the pandemic and decreases amid retailer overstocks, and experts predict the recent increases will be short-lived as import volumes remain lower than in 2022 and new containerships are launched.
Full Story: The Wall Street Journal (8/16) 
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US import prices increased more than anticipated in July, partly due to higher petroleum products and food costs. Import prices are down 4.4% from a year ago but increased by 0.4% in July, while core import prices, which exclude fuel and food, decreased by 0.2% in July. Export prices are down 7.9% from a year earlier and increased 0.7% in July, bouncing back from a 0.7% decline in the prior month.
Full Story: Reuters (8/15),  MarketWatch (tiered subscription model) (8/15) 
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Operations and Technology
Many distributor operations employees surveyed for a recent Industrial Distribution salary report say that despite increasing compensation over the past few years, wages are still not in line with the value they bring to their companies. "As distributors reflect on the changing landscape, where recruitment has taken on a more cohesive approach that involves intangible benefits like flexibility and empowerment, it's important to remember that the paycheck is still an intensely critical piece," writes Anna Wells.
Full Story: Industrial Distribution (8/16) 
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Businesses are struggling to determine best practices to decarbonize supply chains with some investing funds to help suppliers lower emissions, while others are requiring new standards without paying any costs, writes Ben Unglesbee. HSBC's Eric Fisch expects decarbonization will become "a collective burden" and reDesign Consulting's Chana Rosenthal believes the best place for suppliers to start is by committing to purchases and paying on time.
Full Story: Supply Chain Dive (8/15) 
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Sales and Marketing
Marketers face a "whirlwind of uncertainty" as they try to balance some social platforms' emphasis on connecting with users versus an emphasis on ad opportunities by others, writes Krystal Scanlon. Some marketers are adapting by tailoring content to specific platforms and charting new strategies. "We have to rewrite the playbook on how to empathize, connect and offer true value to the consumers and communities we want to engage," says R/GA's Alexis DeBrunner.
Full Story: Digiday (tiered subscription model) (8/16) 
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Using the right prompts with ChatGPT can help you generate ideas for promoting your business, writes Ann Smarty, who offers pointers for helpful instructions to encourage creativity and get the proper content formats.
Full Story: Practical eCommerce (8/15) 
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The Business Leader
How "comprehensive flexibility" can transform work
(Pixabay)
Employers can get the most out of their workers, and be more inclusive to disabled and neurodivergent employees, by adopting "comprehensive flexibility" -- not simply offering flexibility around hours and locations, but by matching people to the work that truly interests them and is suited to their unique talents, Ludmila Praslova writes. Companies such as Legalite, Lemon Tree, Ultranauts and Siemens AG are reaping the rewards of "making work 'fit' people, not the other way around," Praslova writes.
Full Story: Harvard Business Review (tiered subscription model) (8/15) 
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Join us in Washington, D.C., Jan. 30 - Feb. 1, 2024 for the wholesale distribution industry's premiere annual event! Learn more.
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