Consumer confidence rises on labor market optimism | Trump outlines new tariffs on top trading partners | Builders FirstSource expands in N.Y. with Kleet deal
US consumer confidence rose more than anticipated in November, reaching 111.7, amid increased optimism about job availability and the current labor market, per the Conference Board. A stock market rally and a stronger economic outlook also influenced the improvement. "November's increase was mainly driven by more positive consumer assessments of the present situation, particularly regarding the labor market," said Dana Peterson, chief economist at the Conference Board.
President-elect Donald Trump said imports from Canada and Mexico will be subject to a 25% tariff, with an additional 10% tariff on Chinese imports. The announcement is expected to heighten existing trade tensions, and the threat of a broader trade war will raise concerns among automakers and the technology sector.
Builders FirstSource, a building materials distributor, has acquired Kleet Lumber, a lumber and building materials provider based in Huntington, N.Y., that has been in business since 1946. The acquisition strengthens Builders FirstSource's presence in the Northeast.
Reduce collisions by up to 40%. How? Geotab Fleet Management from T-Mobile offers a comprehensive solution for safer and more efficient delivery operations utilizing Predictive Insights and Proactive Fleet Management all while connected to the T-Mobile nationwide network. Get Started »
Generative AI is expected to become mainstream in procurement and sourcing by 2025, according to Gartner's Hype Cycle for Procurement and Sourcing Solutions. "The window for building competitive advantage through early adoption of GenAI in procurement is narrowing," says Kaitlynn Sommers, a senior director analyst with Gartner's Supply Chain Practice. "Despite this, procurement technology leaders should remain aware of the obstacles to successful implementations, notably in the areas of data quality and integration of GenAI with their current systems."
An Information Services Group report found that supply chain organizations are increasingly open to using generative AI to improve accuracy, reduce costs and work faster, but the applications so far have focused on text-based functions. Multimodal uses that incorporate audio, data, video and images are lagging as use cases are explored and neural networks and deep learning continue to advance.
B2B marketing is entering a new phase driven by five key trends, writes Rekha Thomas, CEO of Path Forward Marketing. These trends include a nonlinear buying journey, a demand for self-service, the need for omnichannel experiences, the "95:5 rule", where only 5% of buyers are actively purchasing at any time, and the influence of AI on buying decisions. Thomas emphasizes the importance of creating valuable educational content and building trust to succeed in this "handraiser" wave of marketing.
When a top performer on your team turns in their resignation, it's vital to understand why, writes Purpose Linked Consulting CEO Alaina Love, who suggests seeking honest feedback to uncover cultural or other issues that led to the decision to head off further losses and improve retention. Always respond with grace to team departures and seek to maintain the relationship should you get the chance to rehire them or work with them again, Love advises.
Asking the right questions can help you determine whether you are embracing the right approach as a leader to motivate and inspire the people around you, writes speaker and author Yonason Goldson. Consider whether your team feels comfortable voicing concerns and solving problems and whether they have suitable opportunities for learning.
NAW Members - did you know that you now have access to MDM Premium? MDM Premium offers reporting, benchmarking, and business intelligence to help you stay competitive, anticipate market shifts, and make informed business decisions. Click here to activate your MDM Premium subscription.
Modern Distribution Management is hosting the Virtual Profitability Summit on Dec. 4, offering a comprehensive five-hour program to help distributors enhance profitability amid easing inflation and softened industrial demand. The free event will feature executives from companies including Motion, Fastenal and Vallen, consultants and solutions providers, discussing topics such as strategic pricing, inventory management and data analytics.
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.
The National Association of Wholesaler-Distributors (NAW) is one of America’s leading trade associations, representing the $8 trillion wholesale distribution industry. Our industry employs more than 6 million workers throughout the United States, accounting for approximately 1/3 of the U.S. GDP. 250,000 wholesale distribution companies operate across North America, including all 50 states. Learn more.
SmartBrief publishes more than 200 free industry newsletters - Browse our portfolio