President Biden released a $7.3 trillion budget proposal that would increase tax collections by 7% via higher taxes on large corporations and wealthy individuals. Biden's budget, which is not expected to garner significant support in Congress, would also cut the deficit by $3 trillion over the next decade, increase defense spending and lower taxes for middle and low-income families.

Fasteners and industrial supplies distributor AFC Industries has acquired Globe International, a Philadelphia-based distributor of fasteners, door hardware and galvanized aircraft cable. "We have a lot of respect for them and how they do things and bringing them onboard will significantly strengthen our competitive position in those markets," said AFC CEO Kevin Godin. The Globe acquisition is AFC's first of the year and follows a 2023 that included seven such deals.

Over 50 cargo-carrying ships were reported to be in queues awaiting entry to the drought-affected Panama Canal one day recently, and the Suez Canal is facing a similar overload as multiple vessels reroute to avoid the strife-torn Red Sea, with the alternative routes necessitating naval escorts. Cargo volumes through the two canals have tumbled by more than one-third, while tolls at the Panama Canal have increased eightfold.

Contractors needing to maximize labor productivity and minimize material waste will look at distributors' in-stock availability, geographic proximity, supplier performance and service and price, writes David Bauders, CEO of SPARXiQ. Understanding and meeting these needs and preferences can drive contractor loyalty, which "not only fosters stronger partnerships but also supports sustainable growth and profitability for both distributors and their contractor customers," Bauders writes.

Many companies hesitate to introduce automation at scale citing factors including prohibitive costs, the need to re-engineer existing operations and long and complex implementation processes, writes RGo Robotics CEO Amir Bousani. However, AI-powered automation solutions offer better human and machine interaction -- combining humans' flexibility and adaptability with machines' reliability, accuracy and resilience -- as well as informed decision-making by machines and simplified implementation and operations, Bousani writes.

US unemployment for the transportation and warehouse sector was down 1.2% (seasonally adjusted) in February compared to a year prior with air and water transport leading overall gains with 7.9% and 4.9%, respectively. Warehousing and storage dropped 4.9% in February compared to the year prior and trucking dropped 1.8%.

Marketers must incorporate human checks and balances and other guardrails while being transparent and mindful of context and potential for misinterpretation when using AI, say experts. Gartner analyst Andrew Frank suggests brands rely on AI for one primary purpose, such as generating recipes or specific product content, while Slalom Consulting's Rio Longacre notes that taking shortcuts can easily lead to trouble.

Emails to customers that have a personal touch can still drive meaningful results, even with the emergence of AI tools, writes Liz Wilcox, email strategist. "Many of the best practices, including those from the good ol' days of the Internet, haven't changed much," Wilcox writes.

Federal Reserve Chair Jerome Powell indicated that the central bank is nearing the evidence it requires to consider lowering interest rates, stating that only a little more proof of inflation moving toward its 2% goal is needed. Amid expectations of maintaining current interest rates at the upcoming meeting, Powell highlighted solid economic growth and a robust job market as factors allowing a cautious approach, with potential rate cuts anticipated later in the year depending on forthcoming employment and inflation data.

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