Business activity in the US hit a four-month low, according to the S&P Global flash composite purchasing managers index. The composite output Index fell slightly from 54.3 in July to 54.1 this month. The services PMI increased to 55.2 from 55 a month earlier, while manufacturing PMI dropped to an eight-month low of 48. The pace of price increases is slowing as US companies find it increasingly difficult to pass on higher costs. Private sector employment fell and manufacturing job additions were the lowest since January, but overall the economy continues to show robust growth.

The National Association of Wholesaler-Distributors praised a federal court's decision to block the Federal Trade Commission's proposed nationwide ban on noncompete agreements, which was set to take effect in September. NAW President & CEO Eric Hoplin called the ruling "a victory for common sense" and the limits of regulatory authority. "The FTC has no business telling companies what tools they can or cannot use to protect their businesses and employees," Hoplin said, adding the ruling "curtails the FTC's overstep" and "affirms the importance of noncompete agreements." NAW filed an amicus brief in the case and recently launched the NAW Legal Policy Center in part to combat against regulatory overreach.

The Biden administration has heavily relied on sanctions, particularly following Russia's 2022 invasion of Ukraine, to target numerous companies and individuals. The approach, seen as a low-cost method to advance US foreign policy, is expected to persist regardless of who wins the presidential election in November.

Wholesale distributors continue to staff more skilled trade professionals and offer robust customer service to contractors, which are the largest consumers of commercial, industrial and building supplies, says Andrew Brown, co-founder of Toolfetch.com. Skilled trade professionals are major buyers and can boost customer satisfaction and value-added services for distributors. Brown says that distributors can attract younger skilled workers with advanced technology, flexible schedules, competitive salaries and career growth opportunities.

The Returnless Resolutions programme recently introduced by Amazon seeks to cut costs and increase customer convenience by allowing some Fulfillment by Amazon sellers to provide refunds without requiring buyers to return items. Sellers using the programme must be in good standing, and products with average sales prices over $75 are ineligible, along with heavy, bulky and dangerous items.

Sysco Corporation, the world's largest food distributor, plans to partner with software firm iFoodDS and use its traceability and food safety solutions to help achieve compliance with new traceability requirements of the Food Safety Modernization Act. Sysco also plans to streamline product tracking in the supply chain and establish a task force focused on traceability compliance.

Cold calling is only the start of the sales process, writes speaker and sales expert Anthony Iannarino, who recommends strategies for progressing to a signed contract. Iannarino recommends performing research on the company and industry to proceed to the first or second meeting rather than churning out cold calls.

Salespeople should harness the power of short-term videos to capture sales prospects, write Kipp Bodnar and Kieran Flanagan, hosts of the "Marketing Against the Grain" video podcast. Short-form videos can help capture new audiences and differentiate businesses, while providing reassurance that the video is created by human beings rather than AI.

Federal Reserve officials held interest rates steady at their most recent meeting, but minutes suggest that a rate cut could be coming in September. A majority of officials indicated that "if the data continued to come in about as expected, it would likely be appropriate to ease policy," according to the minutes.

Leaders can inspire employees through the power of emotional connection and setting shared goals, says Jeremy Johnson, CEO and co-founder of Andela, in a Q&A with Big Think. "Emotional connection to the mission really does inspire action and activity -- ultimately a belief that you're able to achieve it together is unifying," Johnson says.

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.

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.

Join us in Washington, D.C., January 27 -29, for NAW's Executive Summit, bringing together the best and brightest leaders from the wholesale distribution industry. Learn more here.