Automatic way to align excel columns so they take minimum space?

I'm importing a bunch of data into spreadsheets, and after I do, the columns are too-wide for the data: (note the dots below are supposed to be spaces; if I put a space in, the forum editor removes it when posting):

......Item 1..........|......Some Other Longer Item....| etc. (about 30 columns)

Is there a way I can select all the columns, and do a command, so that I get:

Item 1 | Some Other Longer Item | etc. (about 30 columns)

I've seen the "Column Width" command, but this sets all columns uniformly. I want a smarter command/way to shrink down each column to a nice looking size, without me having to manually go and slide every column to the right size.

Thanks

1. Select the columns.
2. Go to Format > Column > Autofit Selection.

Cheers,