Consumer Confidence Climbed To Five-Month High In December

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Shows Certification Advocacy Statistics International Membership Customized Briefing for manoj dole December 21, 2023

FEATURED INDUSTRY NEWS ICYMI: 2022 U.S. Recreational Boating Statistical Abstract Full Report Now Available NMMA’s 2022 U.S. Recreational Boating Statistical Abstract, the most comprehensive industry data for recreational boating, is now available. The data presented in the report spans 2008-2022, compiled to help NMMA members and industry stakeholders better understand the industry trends and shifts in market behavior, includes these sections: Total Industry Sales by Category and State; Powerboat Sales Trends; Cruiser, Watersport, Fishing Boat and Trailer Sales Trends; Sailboat Sales Trends; and Outboard Engine Sales Trends. Read More Boat Dealers Exempt From New FTC Auto Regulations The Federal Trade Commission (FTC) released the final version of its Auto Rule, renamed the Combating Auto Retail Scams (CARS) Rule, exempting marine retailers and other non-automotive dealers. The Marine Retailers Association of the Americas (MRAA) and its coalition partners requested that recreational boat dealers be exempted from the requirements of the rule. Read More LEADING ECONOMIC AND POLICY NEWS Consumer Confidence Climbed To Five-Month High In December Reuters reports consumer confidence climbed to “a five-month high in December, with Americans growing more optimistic about current and future business conditions as well as the labor market, which could help to underpin the economy early next year.” The Conference Board’s consumer confidence index “increased to 110.7 this month, the highest reading since July, from a downwardly revised 101.0 in November.” The increase “occurred across all age groups and household income levels. Though consumers continued to worry about inflation, many were planning to buy motor vehicles, houses and major appliances like refrigerators and clothes dryers over the next six months.” Federal Reserve President Of Philadelphia Says Fed Should Reduce Rates But Not Right Away Bloomberg reports that in a local radio interview Wednesday, Federal Reserve Bank of Philadelphia President Patrick Harker “said the central bank should begin to reduce interest rates – though not immediately – offering a softer pushback against widespread market expectations of early-2024 cuts than some of his peers.” Harker said, “It’s important that we start to move rates down. ... We don’t have to do it too fast, and we’re not going to do it right away. ... We should hold rates where they are and start to bring rates down.” Harker’s comments “were more supportive of the Fed’s next policy move being a cut than remarks by a handful of his colleagues,” who “have been pushing back against rising market expectations that the Fed will begin easing in March.” Major Stock Indices Have Their Worst Day In Months CNBC reports, “Stocks tumbled on Wednesday as investors cashed in some profits following the market’s recent hot streak. ... The Dow Jones Industrial Average slid 475.92 points, or 1.27%, to 37,082.00. The Nasdaq Composite was lower by 1.50% to 14,777.94. Both indexes ended a nine-day advance, and they had their worst session since October.” The S&P 500 “declined 1.47% to 4,698.35, marking its worst day since September.” The Wall Street Journal provides similar coverage. Previous Top Stories  • Entry Deadline Approaching For 2024 Miami Innovation Awards  • Exodus Of High-Earning, Well-Educated Workers Impacting California’s Economy

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