Entries For The 2024 Minneapolis Innovation Awards Due Dec. 13

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FEATURED INDUSTRY NEWS Entries For The 2024 Minneapolis Innovation Awards Due Dec. 13 The deadline for entries into the 2024 Minneapolis Boat Show Innovation Awards is Wednesday, Dec. 13. The Minneapolis Innovation Awards celebrate excellence and innovation in five product categories, including the new electric boat category. Read More NMMA Hosts 2023 Annual Engineering Compliance Seminar Last week, NMMA hosted its first in-person Engineering Compliance Seminar in four years in New Orleans. The event was attended by more than 140 marine engineers from 10 countries, reviewing 45+ marine standards. Read More LEADING ECONOMIC AND POLICY NEWS As Supply-Chain Woes Recede, Some Prices Coming Down The Wall Street Journal reports that executives and economists say that supply-chain issues are waning, “helping push down prices.” For example, overall durable good prices have fallen on a year-over-year basis for five straight months, while some electronic prices are also down. However, government data shows that grocery and clothing prices are continuing to rise. Bloomberg Report: Federal Reserve Likely Hesitant To Hike Interest Rates Going Into 2024 Bloomberg reported that “interest rates for 60% of the world economy will be set in a whirlwind 60-hour window” as financial policymakers meet in the next week. The leaders of the Federal Reserve will meet on Wednesday where they will be “setting the scene for what could become a prolonged standoff with investors” by holding on raising interest rates in the wake of reduced inflation.         In his column for the Wall Street Journal, Justin Lahart contends while the job market is strong, reduced gains from a year prior are likely to convince the Fed to lower interest rates next year. EU Mulling Reopening WTO Case Against US Over Steel, Aluminum Tariffs Bloomberg reported that the EU is considering reopening a case at the World Trade Organization against the US over “a Trump-era steel and aluminum dispute that saw the allies hit each other with tariffs on more than $10 billion of goods.” According to Bloomberg, by restarting the WTO case, the EU “would keep the door open on imposing the tariffs in the future while at the same time prolonging a settlement that avoids the return of duties on billions of dollars of exports next month.” However, the EU “will refrain from immediately reimposing retaliatory tariffs on American goods over the disagreement, conceding a key point in the negotiations to Washington, according to people familiar with the discussions.” US Begins Informal Discussions Regarding NAFTA Renewal Reuters reported US officials have started “informal talks to prepare for new negotiations on the North American Free Trade Agreement (NAFTA), David Cohen, the country’s ambassador to Canada, told CBC News in an interview published Saturday.” Job Growth Was Stronger Than Anticipated Last Month; Unemployment Rate Down To 3.7% Bloomberg says, “The US labor market unexpectedly strengthened in November with pickups in employment and wages, tempering bets the Federal Reserve will cut interest rates early next year. Nonfarm payrolls increased 199,000 last month following a 150,000 advance in October, a Bureau of Labor Statistics report showed Friday.” Bloomberg adds that the unemployment rate “fell to 3.7% and workforce participation edged up.” The AP points out that “the jobless rate has now remained below 4% for nearly two years, the longest such streak since the late 1960s.” According to the AP , “Last month’s job gain was inflated by the return of about 40,000 formerly striking auto workers and actors, who were not at work in October but were back on the job in November.” The AP adds that “the health care industry...added 93,000 jobs in November. Hotels and restaurants added 40,000, and governments 49,000, accounting for nearly all the job growth.”         CNBC reports that “average hourly earnings, a key inflation indicator, increased by 0.4% for the month and 4% from a year ago. The monthly increase was slightly ahead of the 0.3% estimate, but the yearly rate was in line.” According to CNBC, “Markets showed mixed reaction to the report, with stock market futures modestly negative while Treasury yields surged.” The Washington Post reports that acting Labor Secretary Julie Su maintained that the jobs numbers “offered evidence that the Biden administration’s policies to boost the middle class have worked.”         The Wall Street Journal reports the jobs data has renewed optimism for a “soft landing” for the economy that avoids a recession.         The New York Times, Reuters and Politico have more on the new jobs data.         NYTimes Columnist: The Economy Is Doing Well, But Americans Are Not Seeing The Effects Yet In his column for the New York Times, Paul Krugman says that reports from the Bureau of Labor Statistics which show productivity increased 5.2% in the third quarter prove the economy is in good shape, but “so many Americans insist that it’s terrible” due to “the fact that while inflation has come way down, prices are still high compared with the recent past.” Krugman believes that “Americans might be feeling better about the economy in time for next year’s elections” as a recent analysis shows “it takes around two years for lower inflation to be reflected in consumer sentiment.” S&P 500 Hits New High For The Year; Treasury Yields Spike CNBC reported that the S&P 500 “rose on Friday to hit a new high for the year after the November jobs report and University of Michigan consumer survey data signaled a resilient economy and cooling inflation, fueling hopes for a so-called soft landing scenario.” The S&P 500 “added 0.41% to settle at 4,604.37,” while the Nasdaq Composite “rose 0.45% to finish at 14,403.97,” and the Dow Jones Industrial Average “gained 130.49 points, or 0.36%, to end at 36,247.87.” According to CNBC, “The S&P 500 posted its highest close of the year last week, but had yet to exceed its 2023 intraday high set in July until Friday, when it topped 4,609 in afternoon trading. The benchmark is now up about 20% on the year and trading at its highest level back to March 2022.” Previous Top Stories  • 2024 NMMA Canada Hall Of Fame Opens Call For Nominations  • Wholesale Inventories Fell More Than Expected In October

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