The personal consumption expenditures price index increased 0.2% in October and rose 2.3% on an annual basis. The core measure, which strips out the food and energy categories, increased 0.3% from the prior month and 2.8% from a year earlier.

Maintenance, repair and operations distribution has been resilient, and the market is projected to continue growing at a compound annual growth rate of 2.8% from 2024 to 2028. MDM just published its 2024 U.S. MRO Market Trends Report, and MDM researcher Tom Gale examines some of the key findings of the report -- which includes a detailed analysis of market dynamics across five product verticals -- and highlights trends such as digitalization and commoditization that are reshaping the competitive landscape.

Houston-based DNOW has acquired Trojan Rentals, an Odessa, Texas-based company that specializes in pump rentals and automation technology. Trojan Rentals operates in seven states, including Louisiana, New Mexico, Oklahoma and Colorado, and its services are expected to bolster DNOW's Flex Flow pump rental business. DNOW President and CEO David Cherechinsky noted Trojan's automation services are "highly complementary" to DNOW growing process solutions business.

Despite recent interest rate cuts, home improvement spending continues to be stifled by high borrowing costs. Elevated mortgage rates continue, and a recent dip in rates on home-equity lines of credit has not stimulated demand as rates remain high compared to recent history. Home improvement retailers have reported declining sales in big-ticket projects, but industry insiders are hopeful that stability in rate expectations could unlock pent-up demand.

The global shipping industry faces a seafarer shortage, leading to a rise in accidents, freight rates and applicants submitting embellished resumes to gain higher salaries and ranks. Geopolitical conflicts and a dearth of younger workers have reduced the supply of trained seafarers, which is expected to decrease to 90,000 by 2026, according to an estimate by the International Chamber of Shipping.

Supply chain executives are increasingly concerned about the rapid integration of AI, with 35% naming it their top concern for 2025, up from 23% last year, according to an Accenture survey. Despite these concerns, AI, particularly generative AI, has positively impacted market share for many companies. Accenture highlights the role of AI in creating autonomous operations and emphasizes the need for increased investment and workforce training to keep pace with technological advancements.

Marketers are shifting their approach to purpose by focusing more on delivering consumer value rather than social impact. This change is driven by the need to adapt to shrinking budgets and consumer demand for honest, pragmatic brand messaging. As a result, agencies are emphasizing brand purpose and quick-turn campaigns over long-term initiatives.

The Federal Reserve is maintaining a cautious approach to interest rate cuts due to persistent inflation, as indicated by the core personal consumption expenditures index rising by 0.3% in October. Fed officials have expressed that there is no urgency to lower rates, given the strong labor market and ongoing economic growth.

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