Miami Innovation Awards Entry Deadline Extended To Friday

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FEATURED INDUSTRY NEWS Miami Innovation Awards Entry Deadline Extended To Friday The deadline to submit product entries for the 2024 Miami Innovation Awards, the industry’s most prestigious honors recognizing manufacturers and suppliers who bring new products to market, has been extended to this Friday, Jan. 12. The Innovation Awards celebrate excellence across twenty-one product categories, and winners will be recognized during the annual Industry Breakfast on Thursday, Feb. 15 at the Discover Boating Miami International Boat Show. Read More LEADING ECONOMIC AND POLICY NEWS Manufacturers Continue To Grapple With Rising Costs Manufacturing Dive reports, “Rising costs were a top challenge for manufacturers in 2023 — and this year looks to be no different.” Inflation caused prices to rise “for not only materials, but wages and energy. And while inflation has cooled in recent months and prices have started to stabilize, the issue of how to mitigate high costs remains a key priority for companies at the start of the year.” Labor Department Set To Release Rule Targeting Companies That Rely On Independent Contractors Reuters reports that the Labor Department “will release a final rule as soon as this week that will make it more difficult for companies to treat workers as independent contractors rather than employees that typically cost a company more.” According to Reuters, the DOL rule, “which was first proposed in 2022 and is likely to face legal challenges, will require that workers be considered employees entitled to more benefits and legal protections than contractors when they are ‘economically dependent’ on a company.” Reuters says “a range of industries will likely be affected by the rule, which will take effect later this year, but its potential impact on app-based services that rely heavily on contract workers has garnered the most attention.” House Conservatives Reject Johnson-Schumer Spending Deal Bloomberg reports, “The battle between President Joe Biden and House Speaker Mike Johnson over Ukraine aid and immigration policy is coming to a head this week as Congress races to avert a Jan. 20 partial lapse in government funding.” Bloomberg notes that “leaders in both parties, concerned about the political fallout from a shutdown, announced the contours of a spending plan Sunday that includes neither $61 billion in aid to Ukraine that Biden has sought nor stringent border protections that conservatives demand.” The New York Times reports that some House Republicans have “panned the $1.66 trillion agreement Mr. Johnson made with Senator Chuck Schumer, the New York Democrat and majority leader, saying it is unacceptable. ... ‘This is a total failure,’ the far-right House Freedom Caucus, a group of Republicans who have proved a thorn in the side of a series of G.O.P. speakers, wrote on social media.” According to the Times, “The agreement essentially hews to the bargain that Congress passed last year to suspend the debt ceiling, which the hard right opposed at the time and had hoped to scale back. It also includes $69 billion in spending that was added as a side deal, money that conservatives sought to block altogether.” The Times says Johnson “will most likely have to rely on substantial Democratic support to pass the spending bills underlying the agreement.”         The Washington Post reports, “Whether the government continues to operate uninterrupted will ultimately be determined by...Johnson, who must again decide whether to lean on Democrats to pass bipartisan proposals or reject compromise in an effort to appease his hard-right flank.” According to the Post, “Hard-liners have already sent warning shots in hopes of influencing Johnson and GOP leaders to use every opportunity to extract policy concessions from a Democratic-led Senate and White House. That warning was not heeded as Johnson reached an agreement over the weekend with House Democrats and the Senate to abide by the full spending levels set by the Biden administration in a debt ceiling deal last year to fund the government through September, greatly irritating fiscal conservatives who were hoping to leverage their majority to institute significant spending cuts.” US Consumer Borrowing Significantly Exceed Estimates In November Bloomberg reports US consumer borrowing surged in November, with total credit rising by $23.8 billion, according to data released by the Federal Reserve on Monday. The figure significantly “exceeded the highest estimate in a Bloomberg survey of economists, which had a median forecast of $8.6 billion.” Outstanding revolving credit, “which includes credit cards, increased $19.1 billion in November, the most since March 2022. Non-revolving credit, such as loans for vehicle purchases and school tuition, climbed $4.6 billion.” Interest rates on personal and auto loans “increased in November from the third quarter. With higher borrowing costs and bigger card balances, consumers are at risk of pulling back on discretionary spending in the coming months.” US Stock Indexes Close Higher On Monday CNBC reports that in trading on Monday, the S&P 500 “gained 1.41% to end at 4,763.54, and the Nasdaq Composite jumped 2.2% to close at 14,843.77.” CNBC notes that “it was the tech-heavy index’s best day since Nov. 14.” The Dow Jones Industrial Average “added 216.90 points, or 0.58%, settling at 37,683.01.” Previous Top Stories  • ABYC Standards Week Kicks Off This Week  • Labor Department Says Job Growth Was Stronger Than Expected Last Month As Unemployment Rate Remained At 3.7%

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