US wholesale inventories rose 0.2% in July to $908.4 billion, matching economists expectations and following a modest increase in June, according to Census Bureau data. Wholesale inventories jumped 1.3% from a year earlier. Retail inventories also grew 0.2% to $809.3 million. The international trade deficit widened to $103.6 billion, with imports rising by $18.6 billion.

Prices increased 2.6% from a year earlier and 0.2% from the previous month in July, according to the personal consumption expenditures index. Core PCE, a key measure for the Federal Reserve, reached 2.9% annually, the highest since February, and 0.3% monthly. While consumer spending and personal income remain strong, the Fed may lower interest rates next month if labor market weakness persists.

The US officially ended its long-standing de minimis tariff exemption Friday, which allowed duty-free entry for goods valued up to $800. The change is expected to generate over $23.5 billion in customs revenue over the next decade, but it is increasing costs and paperwork for businesses and consumers, and some overseas postal agencies have halted US-bound shipments. There will be a six-month transition with a flat duty of between $80 and $200 based on the country of origin.

Tariffs are increasingly driving up costs for US companies, prompting a new wave of price increases on everyday products from companies including J.M. Smucker and Hormel Foods. Retailers, including Walmart, Target and Best Buy, have begun passing these tariff-related increases on to consumers as they restock inventory at higher costs, and executives warn that further price hikes are likely in the coming months as the effects of tariffs fully filter through supply chains.

AI is reshaping procurement by enabling companies to respond rapidly to global supply chain disruptions, such as tariffs and labor shortages, writes Gaurav Tewari, the founder of Omega Venture Partners. By leveraging AI, organizations can integrate data from multiple sources, automate complex decision-making and transform procurement from a cost center into a value-generating function, Tewari writes.

LinkedIn is launching four shows to cater to the shift in B2B marketing driven by Generation Z and millennials, who now make up 71% of B2B marketers. Vice President of Marketing Solutions Matt Derella highlights the transition from traditional white papers to video content, noting a 30% increase in video views. The BrandLink video series allows advertisers to align with influential business voices, achieving higher video completion and view rates.

HR leaders should develop quantifiable metrics to assess candidates' soft skills, writes Olive Turon from TestGorilla, who recommends skills test or psychometric tests instead of relying on intuition. "Without a structured approach, assessing soft skills often relies too heavily on instinct, making it harder to spot potential consistently or fairly," Turon writes.

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