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FEATURED INDUSTRY NEWSJudges Announced For 2024 Discover Boating Minneapolis Boat Show Innovation AwardsThe NMMA and Boating Writers International (BWI) announced today the panel of judges set to evaluate product entries for the 2024 Discover Boating® Minneapolis Boat Show® Innovation Awards. Innovation Award winners will be announced Wednesday, January 17 during the boat show’s Sneak Peek Evening. Read More LEADING ECONOMIC AND POLICY NEWSFederal Reserve Says Manufacturing Output Rose Slightly In NovemberReuters reported the Federal Reserve on Friday announced “production at U.S. factories rose in November, lifted by a rebound in motor vehicle output following the end of strikes, but activity was weaker elsewhere as manufacturing grapples with higher borrowing and softening demand for goods.” Last month, “manufacturing output rose 0.3%...the Federal Reserve said.” The sector “continues to be hamstrung by higher interest rates. Despite an easing in financial conditions and prospects of rate cuts next year, a rapid improvement in factory output is not expected amid signs that businesses are throttling back on inventory accumulation in anticipation of softer demand.” PMI Data Suggest US Business Activity Rose In DecemberThe Wall Street Journal reported the S&P Global Flash U.S. Composite PMI on Friday said US business activity increased slightly in December, despite a challenging environment for the manufacturing sector. The index rose to 51.0, a five-month high, and up slightly from November’s figure of 50.7. CBO Projects US Will Avoid Recession Next YearAxios reported the Congressional Budget Office is projecting the US economy should “avoid a recession next year as inflation returns to normal.” The CBO “expects more moderate economic conditions in 2024 – including slower growth and higher jobless rates – than previously anticipated.” However, the CBO’s estimates “suggest America will skirt an all-out contraction in growth.” Overall, the CBO “projects the economy will grow 1.5% in 2024 – a slower rate of growth than the 2.5% estimated in February – before rebounding to 2.2% in 2025.” The AP reported the CBO’s report “estimates that the unemployment rate will hit 4.4% in the fourth quarter of 2024 and remain close to that level through 2025.” The estimate is “a reminder that the U.S. economy has seldom behaved as anticipated through the pandemic and its aftermath.” National Economic Council Director Says Economic Data Indicate Soft Landing More Likely Reuters reported National Economic Council Director Lael Brainard “said on Friday that recent economic data showed the ‘width of the runway for (a) soft landing has gotten much bigger’ and that immigration had helped the U.S. labor force rebound.” Brainard “told reporters in Washington that ‘we’ve seen quite positive indicators, that inflation really has come down and it’s going to continue to come down while the economy is going to maintain strength going into the next year.’” She “said that while financial markets reflect a more positive view about the economy’s path, ‘it will take time for people to feel financially more secure.’” Federal Reserve Bank Of New York President Williams Says It Is Too Early To Think About Cutting Interest RatesBloomberg reported Federal Reserve Bank of New York President John Williams “said it’s too early for officials to begin thinking about cutting rates as soon as March as they consider whether policy is restrictive enough to get inflation back to 2%.” In an interview Friday, Williams said, “We aren’t really talking about rate cuts.” CNBC reported, “Williams said the Fed will remain data dependent, and if the trend of easing inflation were to reverse, it’s ready to tighten policy again.” He said, “It is looking like we are at or near that in terms of sufficiently restrictive, but things can change.” The Fed is estimating “that its favorite inflation gauge – the core personal consumption expenditures price index – will fall to 2.4% in 2024, and further decline to 2.2% by 2025 and finally reach its 2% target in 2026. The gauge rose 3.5% in October on a year-over-year basis.” The Wall Street Journal reported Williams added, “We’re very focused on the question in front of us, which as Chair Powell said…is, have you gotten monetary policy to a sufficiently restrictive stance?” Reuters also reported. Atlanta Federal Reserve President Says Fed Can Begin Slashing Interest Rates In Q3 2024 If Inflation Falls As Anticipated Reuters reported Atlanta Federal Reserve President Raphael Bostic said Friday that the US central bank can begin reducing interest rates “sometime in the third quarter” of 2024 if inflation falls as projected, “pushing back against expectations of an imminent move but outlining a deliberative process that will gather steam in coming weeks.” According to Reuters, Bostic “said he expects inflation, as measured by the personal consumption expenditures (PCE) price index, to end 2024 at around 2.4%, enough progress towards the Fed’s 2% target to warrant two quarter-percentage-point rate cuts over the second half of next year.” Reuters adds that just as Bostic was “cautious about raising rates too far,” he “said he will be cautious about cutting them too soon.” Bostic “said he wants to be sure inflation is fully contained before lowering borrowing costs.” 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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