The US unemployment rate rose to 3.9% in October from 3.8% in September, while job growth also slowed to 150,000 from 297,000 in the same period, below economists' expectations. Meanwhile, labor costs saw a modest uptick, with average hourly wages climbing by 0.2% and annual wage growth decelerating to a two-and-a-half-year low of 4.1%, which aligns with predictions for a softer labor market.

Shoppers are expected to push sales in November and December up 3% to 4% from a year ago, spending between $957.3 billion and $966.6 billion during the holidays, according to NRF's annual forecast. "We expect spending to continue through the end of the year on a range of items and experiences, but at a slower pace," said NRF Chief Economist Jack Kleinhenz. "Solid job and wage growth will be contributing factors this holiday season, and consumers will be looking for deals and discounts to stretch their dollars."

Electronic components distributor Avnet reported soaring profit, from $323,000 a year ago to $5.96 million in its most recent quarter. Sales dipped 6.1% from a year earlier to $6.3 billion. "Our team's continued execution and flexibility are resonating with both our customer and supplier partners, especially in today's market conditions," said CEO Phil Gallagher.

More than 8 of 10 supply chain and procurement firms are already using AI tools such as ChatGPT in the normal course of business, reports DPW. In this article, DPW CEO Matthias Gutzmann examines four major themes for AI deployment, starting with analyzing spending data.

Freight-forwarding firm Flexport has acquired the technology of digital freight forwarder Convoy following its recent closure and plans to restore its services, said CEO Ryan Petersen in an internal memo. Petersen also noted that Flexport intends to expand its services to include truckload, less-than-truckload and intermodal services.

Business-to-business tech buyers say the top factors that make them distrust vendors are dated and repetitive content, sales-focused content and being targeted with ads for a product after having already made a purchase, per an Informa Tech study. The top factors that drive trust are case studies, actionable, current data and access to experts.

Chief marketing officers are eyeing 2024 with optimistic, ready-to-invest attitudes as budgets stabilize and large media regains its "mojo," Forrester reports. It predicts growth in gaming, Instagram, TikTok and other venues Generation Z favors and cautions marketers to be careful around generative AI.

Expect interest rates to remain elevated above the levels seen over the past decade, writes Adam Lashinsky, a former executive editor of Fortune magazine, who argues the low-interest-rate environment over the past 15 was the anomaly and the nearly free cost of borrowing encouraged questionable behavior by companies and governments. "Borrowers will look back fondly on the era of low interest rates the way middle-aged people consider their youth: It was good while it lasted, but it's not coming back," Lashinsky says.

FedNow and other real-time payment services have been rolled out, but many CFOs are hesitant to use the systems in the back office despite their ability to pay suppliers in seconds and closely manage working capital. Cost factors and availability are part of what's holding back the technology, as well as the need at many companies to adjust back-end systems to transact in real time.

NAW is serving up a November treat with 20% off on all online bookstore publications, featuring a wide selection of business books for the wholesale-distribution industry. Check out "Innovate to Dominate" - a game-changer that's a must-read for anyone looking to thrive in this dynamic field. Use promo code 'Fall20" for your discount. Browse the full selection online at here.

NAW's Bart Tessel and Applico's Alex Moazed share thoughts on distribution innovation and technology today as critical differentiators, and where they're headed. Listen Now!

The NAW Innovators Summit, powered by Applico, is a nexus of forward-thinking strategies and discussions in the Wholesale-Distributor industry. By attending this event, November 14-16 in Austin, TX, you’ll have unparalleled networking opportunities, hear thought-leaders discuss the evolution of the sector, and learn how to better position your enterprise at the forefront of innovation.