US GDP for the second quarter was revised up to 3%, from 2.8% in previous estimates, according to the Commerce Department. Consumer spending increased by a 2.9% annual rate last quarter, up from the government's original 2.3% estimate, while business investment rose by 7.5%, including a 10.8% hike in equipment investment.

The US international trade deficit widened to $102.7 billion in July 2024 as imports increased by $6.1 billion while exports remained flat, advanced data from the US Census Bureau show. Over the same period, wholesale inventories increased by 0.3% to $904.9 billion, while retail inventories rose by 0.8% to $811.4 billion compared to the previous month.

Gypsum Management & Supply, a specialty building products distributor in Georgia, has acquired R.S. Elliot Specialty Supply, expanding GMS' presence in Florida and enhancing product offerings in stucco and exterior insulation and finishing systems. "This transaction marks an important advancement of our strategy to expand our platform to better serve our customers and grow our complementary product offerings," said John Tucker Jr., president and CEO of GMS.

Digital product passports can boost the transparency of supply chains and reassure customers who want to trace the origins of products, writes Jim Frazer, a corporate strategist. Digital product passports require organizations to invest in: data collection, blockchain, the Internet of Things and AI.

Having a detailed risk management plan in place that includes back-up suppliers and engages cross-functional team members is essential to supply chain resilience, write Matt Stekier and Aaron Ennest of Plante Moran. Always view the risk management plan as dynamic, they write, while monitoring key performance indicators, supplier readiness and global developments.

Strategic partnerships are crucial for B2B businesses to achieve sustainable growth by sharing resources such as technology, industry expertise and market insights at different growth stages. They also enable businesses to expand their portfolios by introducing new products or entering new markets, driving innovation and competitiveness.

Staying productive while on the road for business trips requires time to recharge, writes entrepreneur Isla Moon, who also recommends sticking to your daily routine as much as possible. "There's a lot we can learn from taking a step back and immersing ourselves in a new space with the intention of prioritizing mental well-being before burnout rolls around," Moon writes.

Most executives at firms with over $1 billion in revenue anticipate a return on investment from generative AI investments in just one to three years, according to a KPMG survey. Despite the optimistic outlook, regulatory concerns and risk mitigation are major issues, with 99% of leaders anticipating significant regulatory impacts. Most companies are opting to buy or lease AI tools rather than develop them in-house, with a strong emphasis on cybersecurity and data quality.

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.

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