This is Bloomberg Businessweek Daily, reporting from the magazine that helps global leaders stay ahead with insight on the people, companies and trends shaping today's complex economy. Plus, global business, finance and tech news as it happens, Bloomberg Businessweek Daily with Carol Massar and Tim Stennett act live on Bloomberg Radio, Television, YouTube and Bloomberg Originals. And a very good afternoon, everyone.Welcome to Bloomberg Businessweek deli Carol Massar tim stanwick live here on bloomberg radio ...

So, what is a road to any kind of a deal. Because a deal has to at some point be made. Joining us now is Raymond James, Washington policy analyst Ed Mills.Ed, there's a lot of complex stuff we can get to, but I want to start off with a very simple question that I I don't know the answer to. Can they just come together for like a small bill and pass something so that food stamp benefits don't run out. I mean, millions of kids not being able to have food or afford food and families.That's a that's awful. And ...

Welcome back to the exchange. This is day 31 of the government shutdown. Things are about to get very real for 42 million Americans relying on the food benefits called SNAP.Emily Wilkins is live in Washington DC with the very latest. Emily, bring us up to speed. >> Hey Contessa.Well, look, the Trump administration has said that the food assistance program that, as you mentioned, happens helps 42 million Americans is going to run dry tomorrow. And while some states are trying to keep the program going, this ...

Government Shutdown Impact - The government shutdown is starting to significantly affect people's lives, moving beyond political debates [2] - There is a lack of urgency in Washington to resolve the shutdown, despite the crisis it's causing across the country [3][4] - Many Americans are struggling to afford basic necessities like food due to the shutdown's impact on programs like SNAP [6][7][14] - The shutdown could become the longest funding lapse in US history if it extends into the following Wednesday [22] Political Stance and Negotiations - The President's call to abolish the filibuster to end the shutdown is unlikely to succeed due to bipartisan support for it [9][16][17][21] - Compromise and negotiation are necessary to end the shutdown, but neither party seems willing to back down [10][26][30] - The President may be downplaying the shutdown to maintain control of the narrative and avoid political costs [23][24] Social Welfare and Public Understanding - One in eight Americans rely on SNAP benefits, and many will struggle during the shutdown [13] - There is a lack of understanding among some members of Congress regarding the struggles faced by those affected by the shutdown [28][29] - Food banks are seeing an increase in people from all walks of life needing assistance [28][29]

Welcome back. The government shutdown now in its 31st day and millions of Americans are set to lose SNAP benefits tomorrow. That's a supplemental nutrition assistance program.Our Emily Wilkins has the details. Hi Emily. Hey Courtney.Well, yeah, 42 million Americans currently get benefits through SNAP and depending on what state they're in, they could all completely go away tomorrow. Some states say they could hold on for a bit. But what's really interesting here is that from everything we've seen for the sh ...

Core Viewpoint - Pennsylvania American Water is addressing the financial challenges faced by customers due to the government shutdown by offering various payment plans and assistance programs [1] Company Initiatives - The company is implementing several payment plans to support customers with their water and wastewater bills [1] - Pennsylvania American Water is sensitive to the impact of the government shutdown on its customers, as stated by Gary Lobaugh, the director of government and external affairs [1]

Core Insights - The ongoing government shutdown has delayed the release of the Commerce Department's initial estimate of third-quarter GDP, although other data sources indicate solid economic growth during the quarter [1][3] - The Federal Reserve Bank of Atlanta's GDPNow model estimates third-quarter GDP growth at 3.9%, while the New York Fed's nowcast estimates it at 2.35% [6][9] - The lack of official GDP data due to the shutdown is creating uncertainty in economic assessments, with Federal Reserve officials expressing concerns about the impact on their economic outlook [10] Economic Growth Estimates - The Atlanta Fed's GDPNow model provides a "nowcast" of real GDP growth, estimating a 3.9% growth rate for the third quarter [6] - The New York Fed's staff nowcast estimates third-quarter GDP growth at 2.35%, with a 50% probability range between 1.32% and 3.41% [9] - Incorporating these estimates, the overall GDP growth for the first three quarters of the year could be around 2.4% based on the Atlanta Fed's estimate, or 1.88% based on the New York Fed's estimate [12][13] Impact of Government Shutdown - The government shutdown has led to the Bureau of Labor Statistics missing the September jobs report, although it temporarily returned workers to publish the consumer price index due to its importance for Social Security adjustments [2] - The uncertainty surrounding the duration of the government shutdown is affecting the Federal Reserve's ability to assess the economy accurately, as noted by Fed Chair Powell [10]

Financial Data and Key Metrics Changes - Total company reported sales for Q3 2025 were nearly $4.7 billion, up 6.1% on a reported basis or 5.4% on a daily constant currency basis [6][11] - Gross margins for the company were 38.6%, operating margins were 15.2%, and diluted EPS finished the quarter at $10.21, up $0.34 or 3.4% year-over-year [7][11] - Operating cash flow was $597 million, allowing the company to return $399 million to shareholders through dividends and share repurchases [7][8] Business Line Data and Key Metrics Changes - The high-touch solution segment saw sales increase by 3.4% on both a reported and daily constant currency basis, driven by volume growth and price inflation [11][12] - The endless assortment segment experienced an 18.2% increase in sales on a reported basis or 14.6% on a daily constant currency basis, with Zoro U.S. up 17.8% and MonotaRO achieving 12.6% growth [14][15] Market Data and Key Metrics Changes - The MRO market remained muted due to a heightened inflationary environment, impacting demand [12] - Strong performance was noted with contractor and healthcare customers, while manufacturing customers showed improving results [12] Company Strategy and Development Direction - The company announced plans to sell its UK-based Cromwell business and exit the UK market, focusing on growth in North America and Japan [9][20] - The strategy includes leveraging technology and AI to enhance customer solutions and operational productivity [5][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continuing to serve customers well and deliver solid results despite external uncertainties [10][24] - The company anticipates gross margins will stabilize around 39% as LIFO impacts subside and price costs normalize [18][20] Other Important Information - The company is experiencing tariff-related LIFO inventory valuation headwinds, but these are expected to dissipate as inflation cools [8][18] - The company is actively engaged in pricing actions to offset cost pressures, with expectations for further inflationary pressures into 2026 [17][20] Q&A Session Summary Question: Impact of Cromwell on 2025 guidance - The Cromwell impact was adjusted for, with an estimated $40 million in revenues for Q4 from Cromwell and Zoro UK [26] Question: Pricing actions in Q4 - Pricing actions taken in Q4 were normal price cycle increases, with additional adjustments planned for November [27] Question: LIFO headwind implications - The LIFO headwind was noted to be at least 70 basis points, with expectations for gross margins to improve as LIFO impacts diminish [28] Question: Q4 growth expectations - Q4 guidance reflects challenges from the government shutdown and prior year hurricane impacts, with expectations for a step down in growth [31][32] Question: Government shutdown impact - The government shutdown is expected to impact total business by approximately one point for each day it continues [35][36] Question: Future pricing strategies - The company is taking a measured approach to pricing, ensuring competitiveness while managing cost increases [39][40] Question: UK exit lessons - The exit from the UK market is seen as a strategic decision to focus on more impactful growth opportunities in North America and Japan [49][50]

Air Traffic Control & Staffing - FAA faces a shortage of thousands of air traffic controllers, potentially leading to delays but not compromising safety [4] - The FAA reauthorization bill addressed the air traffic control shortage by changing hiring practices [6] - All 2,000 seats at the academy are filled, indicating efforts to address the staffing shortage [6] - Air traffic controllers are showing up to work despite potential pay issues due to the shutdown [3] Impact of Government Shutdown - The government shutdown could lead to a holiday travel season disaster [7] - Individuals may miss nutrition programs and flights due to the shutdown [8] - A continuing resolution extending to December 2026 is being considered to keep the government open [9] - Reopening the government and passing a clean CR are proposed solutions [7][8] Safety & Operations - It is safe to fly, and safety will not be compromised [10][11] - Delays are expected due to staffing and weather issues [4][11] - Ground stops at airports, like JFK, are occurring due to staffing and weather [1]

Former Vice President Kamala Harris has taken an angry swipe at President Donald Trump, ranting over the construction of his $300 million ballroom project at the White House, at a time when the government shutdown has increased the risk of end to food aid funding for tens of millions of low-income Americans.Kamala Harris has accused the Trump administration of turning a blind eye to the fact that Supplemental Nutrition Assistance Program (SNAP) benefits would end for millions in America and “babies are goin ...