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FEATURED INDUSTRY NEWSDiscover Boating New York, Louisville Shows Open TodayThe Discover Boating New York Boat Show, in partnership with Progressive Insurance, opens at Noon today at the Javits Center and runs through Sunday. The 2024 NY boat show returns with the 2nd annual Opening Night Party benefiting Billion Oyster Project. Read More Boating Industry Magazine Opens “40 Under 40” Nominations For 2024Boating Industry magazine is now accepting nominations for its ‘40 Under 40’ program, which highlights the best young leaders across all segments of the marine industry. Each year, Boating Industry receives hundreds of nominations from dealer principals, owners, CEOs and many other various individuals in management positions across the industry, all shining a spotlight on young leaders within their organizations. Read More LEADING ECONOMIC AND POLICY NEWSVermont State Legislature Proposes New Taxes On Wealthiest ResidentsThe New York Times reports Vermont lawmakers “are introducing legislation this week that would impose new taxes on the state’s wealthiest residents, joining a growing national campaign being pushed by Democrats who believe that the measures will gain traction as states reckon with post-pandemic budget squeezes.” One proposal “would tax people with more than $10 million in net worth on their capital gains, even if the gains have not yet been realized.” A separate proposal “would add a 3 percent marginal tax on individual incomes exceeding $500,000 a year – a measure that supporters contend could pump $98 million, or almost 5 percent of the annual budget, into the state’s coffers.” The package of bills “is part of a broader push across the country by progressive groups who hope that the political moment has arrived to shake up the tax system to address income inequality.” Geopolitical, Electoral Tensions May Upset Rate Cut Hopes, JPMorgan Analysts WarnCNBC reports growing geopolitical tensions and the potential for political unrest may combine to upset investors’ hopes for the Federal Reserve to sharply cut interest rates, JPMorgan Chase strategists say. “We believe the disinflation process is likely to slow or stall in 1H24, in part due to the impact of shipping/supply chain disruptions and upside risk for energy prices,” JPMorgan chief equity strategist Marko Kolanovic and other said in a note to clients. The bank’s analysts “specifically cited the tensions in the Red Sea and the U.S. presidential election as risks to the ongoing disinflationary process that has gotten the Fed closer to its 2% inflation goal.” Union Membership Falls To New Low In 2023The AP reports that while union action “commanded big headlines” in 2023, the attention didn’t ultimately “translate into higher membership rates, according to government data released Tuesday.” The Bureau of Labor Statistics “said 10% of hourly and salaried workers were members of unions in 2023, or around 14.4 million people” – an all-time low for union membership in the US. However, the number of private union members “increased by 191,000 to 7.4 million last year” – a sector that includes auto workers, hospitality workers, and members of entertainment unions such as SAG-AFTRA. However, the overall percentage of private union workers did not rise year-over-year. The Washington Post reports the decrease in membership rates “happened because the labor market added a whopping 2.7 million jobs in 2023, with nonunion positions growing at a faster pace than union ones.” The decline in 2023 “was driven by a drop in public-sector union membership to 32.5 percent, data shows, where union density is still roughly five times higher than in private industry.” Major Stock Indices Mixed After Hitting New RecordsCNBC reports that the Dow Jones Industrial Average “fell Tuesday, pulling back from record-breaking highs as traders pored through the latest batch of corporate earnings. The blue-chip Dow slid 96.36 points, or 0.25%, to 37,905.45, retreating below the 38,000 level that was crossed for the first time on Monday.” The S&P 500 “rose by 0.29% to 4,864.60, a fresh all-time closing high,” and the Nasdaq Composite “advanced 0.43% to 15,425.94.” 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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