The producer price index dropped by 0.5% last month, the first month-over-month decline in more than two years, according to the Labor Department. On an annual basis, the index posted its smallest increase since October, at 9.8%.
US Foods earned $61 million in the second quarter, up from $46 million in the year-ago period, on revenue of $8.83 billion, up from $7.66 billion. "Our strategic initiatives are driving results as we grew market share with gains in key customer types, implemented key supply chain initiatives to improve service levels, and expanded our omnichannel strategy with continued CHEF'STORE growth," interim CEO Andrew Iacobucci said.
Cardinal Health has named Chief Financial Officer Jason Hollar its new CEO, starting Sept. 1. The health care distributor also reported $138 million in earnings and $47.1 billion in sales in its fiscal fourth quarter.
US truck drivers earned an average of about $69,700 in 2021, an 11% increase from 2020, while over 90% of truckload fleets increased driver salaries and pay increases averaged 10.9%, according to the American Trucking Associations. Almost 55% of fleets offered signing bonuses to combat a tight labor market, and 96% used new driver referral bonuses as a recruitment tool.
Container import volume decreased in June but still totaled 2.5 million units, after hitting 2.6 million in May, according to Bloomberg port data. Shipping prices increased 2.84 times during the second quarter compared with two years ago, Blue Alpha Capital founder John McCown says.
Distributors can maintain good relationships with suppliers, control costs and reduce risk amid supply chain disruptions by using special pricing agreements, writes Maureen "Mo" Barsema, industry principal at rebate management software company Enable. SPAs can be made even more effective by using predictive analytics as "a single source of truth," Barsema writes.
Slashing marketing budgets to cope with an economic downturn is not the answer, writes Fulya Uygun, co-founder and CEO of Bowery Boost. Uygun explains why marketing investment during a recession can win customers and offers advice on the right kind of campaigns, writing, "Focus on ads that grab attention, possess strong imagery or visuals and a message that connects with people and creates engagement."
Leaders can stay enthusiastic about their job amid challenges by creating a network of support they regularly connect with outside of their business and by fostering a company culture of togetherness and innovation, writes Kurt Motamedi, a professor at Pepperdine University Graziadio Business School. "Senior executives who foster a non-threatening working environment that encourages respect for everyone are more likely to produce and inspire breakthrough inventions and results," Motamedi writes.
A clear, compelling vision that makes employees feel valued, along with regular communication and the opportunity to offer input can bring more satisfaction into the workplace, writes Naphtali Hoff. "Satisfied workers tend to learn more about their jobs and seek new content and skills to help them perform at higher levels," Hoff writes.
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