The US economy grew at an annualized rate of 2.8% in the third quarter, driven in part by consumer spending, according to the Commerce Department. The gain was slightly below the 3% recorded in the second quarter. Personal consumption expenditures rose 3.7%, while federal spending surged 9.7%.

Motion announced plans to acquire Stoney Creek Hydraulics, a Canadian manufacturer specializing in hydraulic and pneumatic cylinders. The Stoney Creek deal is expected to enhance Motion's hydraulic offerings in Canada and complement its existing mechanical repair services. The deal is the fourth acquisition of the year for Birmingham, Ala.-based Motion. Financial terms of the agreement were not disclosed.

Grainger is expanding its distribution capabilities with a new 1.2-million-square-foot center in Houston, Texas, set to open in 2026. This facility will double the number of industrial supply products available in the Houston area and enhance next-day delivery services. The Houston expansion will include advanced automation systems and is part of the firm's broader strategy to increase its supply chain capacity.

US consumer confidence surged in October by 9.5 points to reach 108.7, its strongest showing since the beginning of the year, per the Conference Board. "Views on the current availability of jobs rebounded after several months of weakness, potentially reflecting better labor market data," says Conference Board chief economist Dana Peterson.

The US industrial vacancy rate increased to 6.6% in the third quarter, the smallest rise since late 2022, according to Colliers. The West led in vacancy growth, while new supply and demand both saw declines. Construction completions are projected to decrease and return to pre-pandemic levels, while rent growth continues, up 8% from a year ago.

Companies can transform procurement into a strategic powerhouse by automating tasks, creating a single intake channel and establishing accurate pricing benchmarks, writes Eldar Tuvey, CEO of Vertice. A survey by Vertice shows that 82% of businesses have not fully optimized procurement, leading to challenges such as economic uncertainty and uncontrolled spending.

The four pillars of marketing excellence -- strategy, performance, tech-enabled use cases and operating model -- are crucial for leaders in the consumer and retail industries. Leaders must redefine capabilities, incorporate advanced technologies, and foster collaborative environments to achieve these goals effectively.

Coaching your employees is not about teaching them skills but helping them discover their talents and inspiring them to pursue their strengths, writes Tiffany Gaskell, co-author of "Coaching for Performance 6th Edition" and co-CEO of Performance Consultants International. "Adopting the principles of coaching in a development journey is far-reaching: individuals can evolve and transform their work and lives, while organizations can develop and transform the work and lives of their people," Gaskell writes.

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