The US economy grew at a faster-than-expected rate in the third quarter with GDP rising 4.9% year over year. The increase marked the fastest pace of growth in nearly two years. Consumer spending, government spending and a boost in inventories and exports helped fuel the rapid expansion, which comes despite higher interest rates, inflation pressures and domestic and global headwinds.
The U.S. trade deficit in goods grew to $85.8 billion in September, according to the Commerce Department. Wholesale inventories registered no change at $900.6 billion, while retail inventories increased 0.9% in September, according to early estimates.
Initial jobless claims in the US increased by 10,000 last week, with 210,000 Americans applying for unemployment benefits. The uptick comes after jobless claims reached an eight-month low the previous week. The four-week moving average of claims increased slightly to 207,500.
Union Pacific has partnered with Ferromex, Norfolk Southern Railway, CSX and Florida East Coast Railway to launch intermodal rail service between Mexico and nine destinations in Florida, Georgia and North Carolina, according to a company announcement. Average transit times will range from eight to 14 days.
Mergers and acquisitions among industrial distributors and manufacturers have had a tumultuous ride in the third quarter, with 23 reported deals in July, 40 in August and 24 in September. Domestic M&A activity across all sectors fell in Q3, following a trend that started in late 2021, according to Houlihan Lokey data.
Companies can bolster supply chain cybersecurity by establishing a multi-disciplinary senior leadership team, creating a comprehensive risk management program, pinpointing key suppliers and identifying crucial systems for precise risk assessment. Boston Consulting Group says that adopting this proactive approach will pay dividends through reductions in both risk exposure and costs.
The increased use of AI to produce social media content, search ads and other dynamically-generated display media require better monitoring and measuring tools to protect brand reputations and to better handle the additional data, say brand and agency executives. The addition of creator transparency, privacy, misinformation and other AI-induced issues also should spark conversations about industry standards, says Influential CEO Ryan Detert.
Consumers see relevant ads 70% of the time when they come from agencies, 75% of the time from brands, Claravine and Advertiser Perceptions research reveals. The study also found that about 50% of marketers wouldn't be aware of unsuitable content adjacent to ads until at least 24 hours after they run.
A ResumeBuilder.com survey found 74% of business leaders plan to offer raises next year, with 50% giving increases to half of their employees. The survey also found many leaders will focus on giving raises to middle- and senior-level employees.
Continuing education can help as companies look to bolster employee recruitment and retention, writes Ashley Haley, who shares real-world examples. "Employees that have the opportunity to learn, earn a credential, attend conferences etc., often feel highly valued by their organization, and if they are also recognized for their success, that continues to build on a sense of belonging and appreciation," says Alana Dunoff of AFD Professional Services.
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 14 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.
