US import prices decreased 0.8% last month, the largest drop since March, and 2% from a year earlier, fueled by falling oil prices and declining costs of goods, according to the Labor Department. Annualized import prices have dropped for nine straight months. Imported fuel prices declined 6.3% and imported food declined 0.6%, while the price of other imported goods fell 0.2%.
US factory output declined 0.7% in October, the sharpest drop in 4 months, according to Federal Reserve data. Auto assemblies fell to the lowest level since early 2022 as labor unrest impacted automakers and component suppliers. Excluding the automotive sector, manufacturing output rose a modest 0.1%. Overall industrial production, a measure that includes manufacturing, mining and utilities, dropped 0.6%.
UPS has opened a high-tech facility on the outskirts of Louisville, Ky., now the logistics company's largest warehouse. The warehouse will depend on a fleet of some 3,000 robots, and automation is "a linchpin of our strategy," said Bill Seward, president of UPS Supply Chain Solutions.
Business-to-business marketplace sales have increased by triple digits annually over the past two years, making it imperative that distributors overcome challenges, including specific shipping, delivery and data security standards, writes Andrew Stephens of Sikich. Distributors should focus on building partnerships that align with their goals, strengthen technology infrastructure to manage orders and integrate with marketplace platforms, Stephens writes.
In order to create more intelligent supply chains, companies need accurate data integrated across the chain to predict where future success will lie or where changes need to be made for better efficiency, according to Richard Lebovitz, CEO of LeanDNA. Data should be free-flowing between teams and feedback should be acted on to create an adaptive and intelligent supply chain, Lebovitz notes.
Amazon rolled out its first Titan mobile robot at a fulfillment center in San Antonio, Texas, to move larger, bulkier items such as small household appliances or pallets of pet food. Amazon executives say the new robot, which is manufactured at an innovation hub in Massachusetts, can carry up to two times more weight than its Hercules robot.
Brands can maintain cultural relevance and adapt to changing consumer interests and behaviors by monitoring aesthetic, business category, sociocultural and demographic trends, writes Marks Senior Cultural Strategist Anna Pompilio. This approach can help "change the dialogue around your brand," Pompilio says, while cautioning: "Appreciate the distinction between the latest meme and an opportunity to shift business direction and you'll be able to claim relevance for years to come."
Ardath Albee, CEO of Marketing Interactions, talks about how business-to-business marketers can adopt more buyer-centric strategies, such as creating content to facilitate different buyer situations and ensuring it avoids the B2B "kiss of beige." Albee emphasizes the importance of comprehensive buyer personas to inform content and experiences and advises against relying on generative AI for content creation, instead recommending it for brainstorming.
Major banks are predicting that although global economic growth will slow in 2024 as interest rates and energy prices remain high, a recession may be avoided. Economists expect global growth to slow to 2.6% in 2024, from 2.9% this year, according to a Reuters survey.
Companies with employees who have extensive professional networks on social media platforms such as LinkedIn tend to produce more economically and scientifically valuable innovation, according to a Harvard Business School study. Managers can leverage this knowledge during the hiring stage, says researcher Frank Nagle, especially among middle- and lower-level employees whose connections can help drive business.
Experience three days of excellent networking opportunities, cutting-edge content, and educational programming for leaders in the wholesale-distribution industry at NAW's Executive 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.
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