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FEATURED INDUSTRY NEWSNew BEA Data Show Outdoor Recreation Continues To Be An Economic DriverOn Friday, the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) released economic data from the Outdoor Recreation Satellite Account for the year 2022. The data show that in 2022, outdoor recreation contributed more than $1 trillion to the U.S. economy, with boating and fishing remaining a top contributor to the outdoor economy. Read More LEADING ECONOMIC AND POLICY NEWSPresident Biden Signs Short-Term Funding Bill, Narrowly Averting Government ShutdownThe New York Times reported President Biden “signed a short-term government funding bill on Thursday, narrowly averting a government shutdown but leaving a larger spending clash for Congress early next year.” The Senate “gave final approval to the package late Wednesday, about 48 hours before a shutdown deadline at midnight Friday. In a two-step plan, the bill funds congressional priorities including military construction, veterans affairs, transportation, housing and the Energy Department through Jan. 19. Other agencies would be funded until Feb. 2.” The AP explained the “two-step approach was championed by new House Speaker Mike Johnson, a Republican, and was not favored by many in the Senate, though all but one Democrat and 10 Republicans supported it because it ensured the government would not shut down for now.” The AP added that Johnson “has vowed that he will not support any further stopgap funding measures, known as continuing resolutions. He portrayed the temporary funding bill as setting the ground for a spending ‘fight’ with the Senate next year.” Economists Say Lingering Effects Of Inflation Account For Americans’ Dim View Of EconomyThe AP reported that although “inflation has reached its lowest point in 2 1/2 years,” the unemployment rate “has stayed below 4% for the longest stretch since the 1960s” and “the U.S. economy has repeatedly defied predictions of a coming recession,” most Americans “hold a glum view of the economy.” That disconnect “poses a political challenge for President Joe Biden as he gears up for his re-election campaign.” While “many factors lie behind the disconnect, but economists increasingly point to one in particular: The lingering financial and psychological effects of the worst bout of inflation in four decades. Despite the steady cooling of inflation over the past year, many goods and services are still far pricier than they were just three years ago. Inflation – the rate at which costs are increasing – is slowing. But most prices are high and still rising.” Corporations Resist Administration Crackdown On Junk FeesThe Washington Post reported that the Biden Administration’s efforts “to expose or eliminate ‘junk fees’ throughout the economy” has met with “a groundswell of opposition from airlines, auto dealers, banks, credit card companies, cable giants, property owners and ticket sellers that hope to preserve their profits.” Corporations “have fought vigorously to thwart even the most basic rules that would require them to be more transparent about hidden charges, according to a Washington Post review of federal lobbying records and hundreds of filings submitted to government agencies. The fees together may cost Americans at least $64 billion annually, according to a rough White House estimate, underscoring its efforts to deliver financial relief to families grappling with high prices.” OPEC+ Considering Whether To Make New Oil Supply CutsReuters reports OPEC+ “is set to consider whether to make additional oil supply cuts when the group meets later this month.” Oil has “slid to around $79 a barrel for Brent crude from a 2023 high in September near $98.” Concern about demand “and a possible surplus next year has pressured prices, despite support from the OPEC+ cuts and conflict in the Middle East.” The Nasdaq Has Spiked Nearly 10% Since The Start Of The Month While S&P 500 Is Up 7.6%CNBC reported that the S&P 500 “rose on Friday and clinched a third straight winning week amid a red-hot November rally. The broader index added 0.1%.” The Dow Jones Industrial Average “ended the day little changed, and the Nasdaq Composite crept higher by about 0.1%.” CNBC points out that “the major averages each notched their third straight positive week. The S&P 500 added 2.2%, while the Nasdaq jumped about 2.4%. The Dow closed the week with a 1.9% advance.” CNBC added, “Stocks have been on a tear this month. In November, the S&P 500 is up 7.6%, while the Dow has a 5.7% gain. The Nasdaq has leapt 9.9%.” Previous Top Stories | |||||||||||
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If you are unable to see the message or images below, click here to view Shows Certification Advocacy Statistics International Membership Customized Briefing for manoj dole May 10, 2024 FEATURED INDUSTRY NEWS Congresswoman Mary Peltola (D-AK) Named Legislator of the Year by National Marine Manufacturers Congresswoman Mary Peltola (D-AK) has been awarded the Legislator of the Year Award by the National Marine Manufacturers Association (NMMA) for her support of the recreational boating and fishing industry. The award recognizes Congresswoman Peltola’s leadership in advocating for policies that support the boating industry, protect marine ecosystems, and advance conservation efforts for all who rely on the oceans. Specifically, the Congresswoman has proactively worked to support the recreational boating and fishing industry thro...
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