Manufacturing output increased 0.4% in September, with vehicle and parts production rising 0.3% despite automotive industry strikes. Durable goods output increased at a 2.3% annualized rate and nondurable output fell at a 2.4% pace, according to the Federal Reserve. Overall industrial production inched up 0.3% to its highest number, 103.6, since December 2018.
US business inventories increased by 0.4% in August, slightly more than expected, indicating consumers continue to spend as inflation eases. Retail inventories increased by 1.0% and manufacturer inventories increased by 0.3%, while wholesale inventories decreased slightly, according to the Commerce Department. The inventory-to-sales ratio continued to fall, from 1.39 in July to 1.37 in August.
Retail sales rose 0.7% in September from the previous month, beating economists' forecast for 0.3% growth, and sales were up 3.8% from the same month last year, according to the Commerce Department, which also revised August sales growth upward from 0.6% to 0.8%.
How to plan for 2024 Listen to retail industry experts discuss wrapping up 2023 and what to expect in 2024. This year has seen a demand for next-gen tech and hyper-personalization. What is next?
US-bound containerized freight imports rose 1% in September, the first increase since July 2022, but remain down 13% on the year so far, while consumer discretionary goods shipments were flat last month, according to S&P Global Market Intelligence. "The macro situation for consumers isn't great, obviously, as there is still plenty of bearishness around spending on the industrial side," says S&P Global supply chain research chief Chris Rogers. "The recovery is going to be pretty slow, in terms of both industrial shipments and consumer shipments."
According to Gartner research, as much as 75% of business-to-business buyers prefer to make purchases online and avoid the sales interaction altogether, pointing to the need to balance reliance on digital tools and personalizing interactions that make buyers feel validated and more confident, says Maria Boulden, vice president and an executive sales partner at Gartner. "The answer isn't looking for the seller to do more or have more skills," Boulden says, highlighting the importance of letting technology carry more responsibility and allowing sellers to focus more on the quality of their deals.
Walmart is working to prevent food waste by improving its inventory forecasting, developing store displays designed for product turnover and offering discounts on foods that are approaching their expiration dates, said Chris Franke, senior manager of global sustainability. Manufacturers are also reducing the amount of waste they produce with Kellanova optimizing its use of ingredients and providing food to those facing food insecurity.
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An analysis of Bombora's 2 million companies found that marketers increased their research regarding content personalization by 522% year-over-year for the second quarter, followed by real-time (185%), websites (64%), and email (56%). Safety, personal branding and brand-building strategy were the top three brand topics spiking, which demonstrates "marketers are looking for new ways to reach and build meaningful relationships with customers" amid the onslaught of news, according to the report.
As social platforms step up efforts to try to stop the spread of misinformation during the latest Israel-Hamas war, ensure EU data compliance and prevent another brand safety "adpocalypse," brands and agencies are determining how to market within this environment. In talking brand safety, AJL Advisory CEO Lou Paskalis notes, "This is not about adjacency. This is about the fact that I don't want my advertising dollars running on platforms that are disseminating misinformation."
It is "undeniable" that US inflation is on a downward trend and that the recent drop is not just a "one-month blip", says Austan Goolsbee, president of the Chicago Federal Reserve. The latest inflation figures show consumer prices rose more than expected in September due to rising housing costs, but Goolsbee said the Fed was shifting away from further rate hikes and toward holding rates at current levels.
A new study found job candidates were willing to sacrifice 8% in annual pay for a partly or fully remote job. That amounts to about $4,600 annually for full-time employees earning the median US salary of $57,200. Remote workers typically spend about $6,000 less a year than office-bound employees.
Experience three days of excellent networking opportunities, cutting-edge content, and educational programming for leaders in the wholesale-distribution industry at NAW's Exective Summit Jan. 30 - Feb. 1. Hear from world-class speakers and explore issues critical to the industry. Be prepared for what's next and learn new strategies to get there first. View agenda and registration information here.
Attending the Innovators Summit lets you stay updated with the latest industry developments and remain ahead of your competitors. By being aware of emerging trends and disruptive technologies, you can proactively adapt your business strategies, identify new revenue streams, and gain a competitive edge in the market. Learn more.
