The Conference Board's Consumer Confidence Index dropped for the third consecutive month to 102.6 in October, marking its second-lowest level of the year amid consumer concerns about the weakening economic environment. "Consumers also expressed concerns about the political situation and higher interest rates. Worries around war/conflicts also rose amid the recent turmoil in the Middle East," says Conference Board chief economist Dana Peterson.

The employment cost index, which monitors wages and benefits, rose 1.1% in the third quarter compared to the prior three months, according to the Labor Department. The index climbed 4.3% on a year-over-year basis, down from 4.5% during the previous period.

Amid uncertain consumer demand and persistently high interest rates, corporate priorities have shifted toward cost containment, supply stability, collaboration, talent and sustainability. The next few years are important for supply chain leaders and companies will face the challenge of balancing essential expenses, such as ESG initiatives and adapting to talent market shifts, amid external pressures and the potential for significant penalties, writes Robert Bowman.

UPS has launched a new service that offers next-day service to some customers within a metropolitan area. Hyperlocal is likely aimed at large retailers that can benefit from late-night pickup of a significant volume of packages.

The integration of AI into occupational health and safety is set to revolutionize the field, enhancing an already comprehensive approach of systems thinking with predictive insights and data-driven strategies. While systems thinking can provide a holistic view of workplace safety, AI augments it by rapidly processing complex data to highlight intricate connections and broader patterns – essentially shifting the focus from individual errors to systemic safety factors.

AI can enable business-to-business marketers to turn "data overload" into usable information by first determining a few key desired outputs, says Boathouse President Peter Prodromou. Other tips for using AI in B2B marketing include ensuring its use aligns with C-suite business goals, ensuring that you don't lose sight of the human element for interpreting the output and using AI to identify the top channels that key decision-makers use.

Marketers have invested a minimum of $40 million on advertising AI products this year with $35 million of that spent in the third quarter, a 550% increase over Q3 2022, per ad-tracking firm MediaRadar. Digital advertising (49%) captured the dominant percentage of the spending to tout AI products, followed by TV (34%), online video (29%) and print (12%).

GDP data last week indicated significant economic expansion in the US, but corporate CFOs and small business owners are not optimistic about the economy. CFOs are more upbeat about their own firms than the broader economy, but small business owners have a particularly gloomy outlook, with a historically low 5% saying it's a good time for expansion, according to a report from Ned Davis Research. "There is a sense of dread about the broader economic outlook," NDR strategists said in a Friday note, citing inflation, higher rates and domestic and global politics.

Goldman Sachs had previously expected a government shutdown this year, but it has now revised that forecast while flagging potential risks in 2024. The election of a new House speaker -- and the need to keep the government open to deal with developing geopolitical risks -- makes a shutdown less likely in the short term, Goldman says.

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.