The US economy expanded at a faster pace than expected in the second quarter, with a 2.8% annualized growth rate, demonstrating resilience in consumer demand despite rising borrowing costs. The growth, driven largely by a 2.3% increase in personal spending, exceeded analyst forecasts and suggests the Federal Reserve's strategy may be working as inflation begins to stabilize.

Distributors must adapt to shifting macroeconomic conditions in the year ahead, invest in technology as part of their growth strategy and focus on customer experience, says Kevin Sachs, senior partner at McKinsey & Co., previewing his keynote speech at MDM's SHIFT Conference in September. "When you start to really adopt this journey-based lens, and wire that into how you think and operate -- which can be a fairly significant transformation -- measure that performance and drive continuous improvement against that, it can have tremendous results in terms of growth, margin, stickiness -- all the things that you want as a distributor," Sachs says.

New orders for US manufactured durable goods fell by 6.6% in June, a decrease of $18.6 billion to $264.5 billion, per an advance report from the Census Bureau. The sharp decline followed four months of consecutive growth and was primarily driven by a 20.5% drop in orders for transportation equipment.

The freight market showed some volatility around July 4, but was otherwise stable, according to an Arrive Logistics report that said trucking capacity easily met demand. Import forecasts through October predict the highest levels since 2022, with around 2 million 20-foot equivalent units per month, according to the report.

Drayage and last-mile fleets could see the most benefits from electric commercial vehicles, as short trips make it easier to recharge the EVs compared to long-haul electric trucks. Charlotte Argue, senior manager of sustainable mobility at Geotab, also said adopting EVs can help companies meet goals to reduce carbon emissions.

PR professionals can get noticed and help out short-staffed newsrooms by including video, audio and images during the pitch process. Sometimes, submitted digital content ends up on social media and other platforms. "If we can provide photos, audio, video and a b-roll, it makes their job easier. If you're alleviating some of the work, it can be a quicker turn to get a story up," says Alex Tekip, public relations manager at Michigan State University.

The job market appears to be returning to normalcy after the red-hot performance seen during parts of the pandemic, although some economists wonder if conditions could deteriorate further. "This is a good labor market. But it's not clear if the cooling is done," said Claudia Sahm, chief economist of New Century Advisors.

When managing change in an organization, leaders must adopt a flexible mindset that is open to learning from failure and adapting to new situations to lead their teams through the uncertainty, writes Karen Carey, a leadership coach and founder of Global Advisory Associates Ltd. "As leaders learn to surf the waves of change, they not only enhance their capabilities but also inspire and empower those around them to navigate transitions with resilience and agility," Carey writes.

Attending the Innovators Summit lets you stay updated with the latest industry developments and remain ahead of your competitors. By being aware of emerging trends and disruptive technologies, you can proactively adapt your business strategies, identify new revenue streams, and gain a competitive edge in the market. Learn more here.

In today's competitive labor market, understanding compensation trends is essential. MDM is pleased to present a free webcast discussing detailed findings from NAW's 2024 compensation study. This essential tool offers unparalleled insights into current salary and benefit trends within the wholesale distribution industry. This session will be moderated by MDM Senior Editor Vesna Brajkovic and will feature expert panelists Greg Manns of Industry Insights and Mike Emerson from Indian River Consulting. Learn more here.

The NAW Company Roundtables are an exclusive community of thought leaders from Billion Dollar and Large Company distribution enterprises who congregate to network with non-competing peers in multiple lines of trade on key issues. Learn more about the many Roundtable event opportunities we offer, and how your leaders can get involved. Learn more.