US Q3 GDP growth revised upward to 5.2% | Consumer confidence ticks up after three-month slide | Lineage Logistics planning to go public with $30B+ valuation
The US economy raced forward at an annualized rate of 5.2% in the third quarter, surpassing last month's initial estimate, spurred by strong investment in business and government spending, according to the Commerce Department. The second estimate of third-quarter GDP marks the fastest growth rate in close to two years, in part due to companies building inventories and added investment in private housing.
US consumer confidence inched upward in November ahead of the holiday shopping season, ending a three-month slide, according to The Conference Board. Despite lingering concerns about higher prices and interest rates, consumers reported plans to buy more motor vehicles and houses in the next six months, and inflation expectations fell slightly, though roughly two-thirds of American consumers continue to expect a recession next year.
Temperature-controlled storage and logistics firm Lineage Logistics is planning an initial public offering next year with a more than $30 billion valuation. Lineage, which operates more than 400 facilities on three continents, reportedly hired Goldman Sachs and Morgan Stanley as lead banks for what could be one of the largest IPOs of the year.
State of the Wholesale Supply Chain Industry As post-pandemic challenges persist, such as complex customer demand patterns and increasing volatility, supply chain organizations are recognizing they may require cutting-edge technologies to achieve their goals. Learn how companies can improve forecast accuracy, reduce costs, increase profitability, lower transportation costs and eliminate obsolescence. Read the white paper
Trucking industry executive Sarah Riggs Amico has put together a plan to take bankrupt trucking giant Yellow out of bankruptcy, rehire many former employees and strike a deal with the International Brotherhood of Teamsters labor union. The plan, however, depends on the postponing of repayment on a $700 million Treasury Department loan.
UPS adjustments to ZIP codes that are subject to per-package levies starting in 2024 will add the equivalent of nearly 3 million individuals, according to analysis of UPS and US Census Bureau data by Shippingwise and Shipware. Both consultants believe FedEx will do the same, and Shippingwise founder Nicholas Fanelli predicts 29% of the US population will fall under DAS territory next year.
AI can make supply chains more transparent, which in turn will allow for better alignment between sourcing and production. It can also help with the "real-time tracking of regulatory proposals and changes" to meet ESG requirements, according to Justin Goldston of Environmental Resources Management.
Selling in the B2B space requires company research, including an ideal customer profile, and a strategy that includes content marketing materials such as white papers and case studies, writes Nick Tubis, CEO of Nick Tubis Enterprises. The process also requires continual retraining of the sales staff as well as continual updates to sales collateral, Tubis writes.
AI can prove beneficial in "kickstarting the muse" for creativity and help "connect our ideas, concepts and goals" that can then be synchronized between groups and yield positive disruption, writes Vu Dang, leader of agency SCS' Design Studio. AI "creates new opportunities to rethink and reforge not only each of the individual disciplines that exist in marketing but how they all relate together," Dang writes.
In prepared remarks for a speech on Tuesday, Federal Reserve Governor Christopher Waller noted that inflation remains elevated but that he is "increasingly confident that policy is currently well-positioned to slow the economy and get inflation back to 2%." Separately, however, Federal Reserve Governor Michelle Bowman said that her "baseline economic outlook" still points to the need for further tightening.
Pinning down purpose in an organization is "often trapped within the gilded frames of boardroom art, extolling virtues that seldom walk the talk," writes Ira Wolfe. Wolfe offers suggestions on shrinking the "purpose gap" that often separates top managers from those tasked with carrying out policy.
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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.
