ABYC Standards Week Kicks Off This Week

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FEATURED INDUSTRY NEWS ABYC Standards Week Kicks Off This Week The American Boat & Yacht Council, a nonprofit organization responsible for developing safety standards in boat design, construction, maintenance, and repair, has launched its annual Standards Week in Annapolis. Running from Jan. 7-11, 2024, the event offers participants a chance to contribute to the revision and creation of new standards. Read More LEADING ECONOMIC AND POLICY NEWS Labor Department Says Job Growth Was Stronger Than Expected Last Month As Unemployment Rate Remained At 3.7% Bloomberg reported, “US job growth picked up in December and wage gains exceeded expectations in a mostly solid report that included some caveats about the strength of the labor market.” Bloomberg added, “Nonfarm payrolls increased 216,000 after downward revisions to the prior two months, a Bureau of Labor Statistics report showed Friday. The unemployment rate held at 3.7%, while average hourly earnings rose 0.4% from a month earlier.” According to CNBC, “Economists surveyed by Dow Jones had been looking for payrolls to increase 170,000 and the unemployment rate to nudge higher to 3.8%.” CNBC noted that “payroll growth showed a sizeable gain from November’s downwardly revised 173,000.” CNBC pointed out that October “also was revised lower, to 105,000 from 150,000, indicating a slightly less robust picture for growth in the fourth quarter.”         The AP reported, “Some details of the report...may disappoint the inflation fighters at the Federal Reserve, who might now be inclined to delay any cuts in their benchmark interest rate. Average hourly wages rose 4.1% from a year earlier, up from a 4% gain in November, which could make it harder for the Fed to slow inflation back to its 2% target.” But the AP added, “Still, taken as a whole, the December jobs report reflected a healthy economy, with steady job growth, rising wages and cooling inflation.” The New York Times, the Washington Post, Axios and Reuters had more on the jobs numbers. American Sentiment On Economy Rises To Highest In Nearly Two Years CBS News reports most Americans “continue to rate the economy negatively, but sentiment has been slightly improving of late, and Americans now think the longer-term outlook appears more stable” as interest rates have appeared to stabilize and major economic indicators such as gas prices continue to fall. Specifically, the share “describing the economy as at least fairly good has ticked up to match its highest level in nearly two years – since early 2022” – only half of Americans feel the economy is due for a recession, compared to a high of 60 percent in 2023. Bloomberg adds that economists writ large have acknowledged “the difficulties they’ve faced in predicting the outlook for the economy” in a post-pandemic world at the American Economic Association’s annual meeting in San Antonio, Texas this past weekend.         The Wall Street Journal also covered the story. Federal Reserve Bank Of Richmond Argues Monetary Policymakers Should Lower Rates As Economy Normalizes Bloomberg reported Federal Reserve Bank of Richmond President Thomas Barkin “said the central bank can lower interest rates as the economy normalizes and confidence grows about the downward path of inflation.” Barkin is quoted as saying, “I don’t have any objection conceptually to toggling rates back toward normal levels as you build increasing conviction and confidence that inflation is on a convincing path back to your target.” Still, Barkin “said the first three months of this year will provide critical inputs to his own thinking on inflation, given many businesses use the calendar turn to impose price increases.” He said, “A lot of these price increases happen at the first of the year. ... The success or not success of these efforts to increase prices at the beginning of the year is going to be important.” Axios Report: Biden Mulling Extending Trump’s China Tariffs Axios reported the Administration is “moving toward keeping many of former President Trump’s controversial tariffs on some $300 billion in Chinese imports in place, and aims to increase duties on electric vehicles and some critical minerals.” According to Axios, “In his bid for re-election, President Biden wants to put his stamp on Trump’s tariffs and make the case that his approach is smarter and more strategic. He also wants to show a tough stance toward China to undermine any attempts by Trump to cast Biden as ‘soft’ on the Asian powerhouse, as Trump did in 2020.” Axios also reported that Administration officials are “still considering whether to pair higher duties on EVs and critical minerals, such as cobalt and lithium, with lower tariffs on some consumer goods.” Previous Top Stories  • Bipartisan LAKES Act Introduced In The House  • Commerce Dept. Giving Microchip Technology $162M To Boost Domestic Production

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