Import prices increase 0.8% in largest gain since early 2022 | Jan. retail sales dropped more than expected | Balance just-in-time, just-in-case models to manage risk
Import prices increased 0.8% in January from the previous month, the most significant jump since March 2022, as prices declined 1.3% from a year earlier, according to the Labor Department. Fuel prices increased 1.2% in January after a 7.7% decrease in December, while imported food costs jumped 1.5% after a 0.1% decline and capital goods imports rose 0.4% after a 0.1% decline.
US retail sales dropped a seasonally adjusted 0.8% last month from December, according to a Commerce Department report, posting a larger-than-expected loss for the period. Forecasts had called for sales to drop 0.3%, according to a poll of economists by The Wall Street Journal.
Organizations' logistics need to be efficient and flexible to curb the impact of risks, and balancing just-in-time and just-in-case approaches to inventory can help companies plan while minimizing the possibility of dealing with excess or obsolete inventory, writes Marisa Brown, supply chain management senior principal research lead for APQC. "By integrating resilience considerations into short-term sales and operations execution as well as longer-term sales and operations planning, organizations are better equipped to balance cost, risk, and working capital," Brown writes.
How manufacturers can automate with AI Cloud resources remain a vital tool for manufacturers, but on-site edge devices are now capable of AI inferencing to help reduce latency, save on bandwidth costs, and allow businesses to retain full ownership of their data. Join experts from Red Hat, OnLogic, and Guise AI, as they discuss AI in factory automation. Register now.
Staples has a multiyear deal with RightHand Robotics to add AI-powered autonomous product-handling robots at the office supplies retailer's fulfillment centers that almost double the range of items a robot can handle and bring the number of needed interventions down by 80%. The RightPick system, which includes hardware, sensors and software, determines the most efficient way to fulfill orders, with humans overseeing quality assurance, and Staples plans to eventually use the technology to reduce delivery times.
Criminals are using advanced AI tools to create sophisticated financial scams through email phishing attacks, highly plausible fake documents and deepfakes of company personnel. A recent survey from the Association for Financial Professionals found that almost two-thirds of organizations had faced some form of attack with the wider use of web-based interfaces actually increasing the scope for fraudsters to ply their trade.
American Apparel & Footwear Association, the National Retail Federation and the American Association of Port Authorities were among 100 business groups that issued an open letter requesting international government interventions to help ensure "safe and secure maritime commerce in the Red Sea." The groups highlighted route changes that have driven port congestion, equipment shortages and significant spikes in shipping rates.
Just over half of business-to-business marketers are using generative AI to brainstorm, while 45% use it write drafts and research, per CMI and MarketingProfs. Kelsey Voss explains three ways B2B marketers can leverage generative AI for creative, including personalizing content and completing mundane tasks.
There has been evidence of improved productivity in the economy, and that could be good news for business owners, workers and customers. "The increase in American productivity over the past year, if sustained, is a potential game changer for the economy that represents that mythical rising tide that lifts the living standards of all," according to Joseph Brusuelas and Tuan Nguyen, economists at RSM.
Inflation could still be on track to return to 2% even if inflation numbers are higher than expected for a few months, according to Austan Goolsbee, president of the Federal Reserve Bank of Chicago. However, uncertainty about inflation is encouraging the Fed to take a patient approach to rate cuts. "They want to get this right and they are willing to be late rather than even on time," said Kathy Bostjancic of Nationwide Mutual Insurance Co.
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