US economic growth is on an upward trajectory | Five ways distributors can find opportunities amid uncertainty | Striking Canadian seaway workers could disrupt shipping
Economic forecasts for the US are being revised upward to growth rates of 4% or more, despite higher interest rates and global conflicts. Fading fears of a recession may be making consumers more at ease with spending money, says Marc Giannoni of Barclays.
Industry insiders are anticipating slow growth in the fourth quarter and 2024, according to the Baird-MDM Industrial Distribution survey conducted in early October. However, there are still some positives and opportunities for distributors to drive growth. Indian River Consulting Group's proposes five strategies for maintaining a strong defense while deploying offensive moves to out-maneuver competitors, including evaluating last price paid activities, investing in innovation, negotiating better buy prices and reacting quickly to threats and opportunities.
The St. Lawrence Seaway maritime route that spans between Montreal and the Great Lakes shut down after labor negotiations with the St. Lawrence Seaway Management Corp. failed and roughly 360 union workers decided to strike on Sunday. St. Lawrence Seaway Management Corp. says the route is currently clean of ships but notes, "there are over 100 vessels outside the system, which are impacted by the situation."
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Humans working with robots may be more likely to perform at a suboptimal level and let the machine do the heavy lifting, a phenomenon researchers called the "looking but not seeing" effect, in which workers trusted the robot's performance but did not put forth similar effort, according to a study published in Frontiers in Robotics and AI. Researchers say companies introducing automation on the floor should be especially careful of complacency around safety regulations and basic protocols.
The pressure on supply chain professionals to improve sustainability practices has increased annually over the past four years, yet only one-third of firms have established net-zero emissions goals and most are unprepared to meet them, according to research from the Council of Supply Chain Management Professionals and MIT Center for Transportation & Logistics.
Health products company Kenvue has found that consistently improving supply chains with a focus on surge capacity, data/process upgrades and partnership investments makes for greater responsiveness and smoother handling of disruptions. Michael Altman of Kenvue, professor Atalay Atasu of INSEAD and Evren Ozkaya of SCW.AI, review Kenvue's approaches with different products, including Listerine and Tylenol.
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The Federal Reserve's Financial Stability Report warns that rising geopolitical tensions pose a significant threat to the global financial system. "Escalation of these conflicts or a worsening in other geopolitical tensions could reduce economic activity and boost inflation worldwide, particularly in the event of prolonged disruptions to supply chains and interruptions in production," the report says. The report also cited issues in the office market, funding pressures on some banks and inflationary pressures.
NAW's Billion Dollar Executive Roundtable event November 8-9 in Dallas offers an opportunity to join other wholesaler-distributor executives in discussions about topics that matter to you and your company. Attendees will hear from leaders in the industry and expand their networking circles. Learn more about this invitation-only event here.
Get ready to supercharge your organization at the Innovators Summit in Austin, TX, from November 1 to 16! Join us to connect with tech innovators, explore emerging trends, and harness cutting-edge technologies that will propel your organization to new heights of growth and transformation.
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.
