ICYMI: 2022 U.S. Recreational Boating Statistical Abstract Full Report Available to Download

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FEATURED INDUSTRY NEWS ICYMI: 2022 U.S. Recreational Boating Statistical Abstract Full Report Available to Download NMMA’s 2022 U.S. Recreational Boating Statistical Abstract, the most comprehensive industry data for recreational boating, is available. The data presented in the report spans 2008-2022, compiled to help NMMA members and industry stakeholders better understand the industry trends and shifts in market behavior, includes these sections: Total Industry Sales by Category and State; Powerboat Sales Trends; Cruiser, Watersport, Fishing Boat and Trailer Sales Trends; Sailboat Sales Trends; and Outboard Engine Sales Trends. Read More LEADING ECONOMIC AND POLICY NEWS Administration Announces $1.5B CHIPS Grant To Global Foundries The AP reports that the Administration “said Monday that the government intends to provide $1.5 billion to the computer chip company GlobalFoundries to expand its domestic production in New York and Vermont.” The award is the third of “direct financial support for a semiconductor company under the 2022 CHIPS and Science Act.” Bloomberg reports that the funding “would flow to three projects: a new fabrication facility in Malta, New York, the expansion of an existing site in Malta and expansion of its Burlington, Vermont, manufacturing site. The US is also offering the company $1.6 billion in federal loans.” CBS News reports the projects “are expected to create 1,500 manufacturing jobs and 9,000 construction jobs over the next decade. As part of the terms of the deal, $10 million would be dedicated to training workers and GlobalFoundries will extend its existing $1,000 annual subsidy for child care and child care support services to construction workers.”         The New York Times says that the funding “represents an effort by the Biden administration and lawmakers of both parties to try to revitalize American semiconductor manufacturing. Currently, just 12 percent of chips are made in the United States, with the bulk manufactured in Asia.”         The Wall Street Journal reports that in a call with reporters, Commerce Secretary Raimondo said, “During the pandemic, we faced a shortage of chips, which led to shutdowns and layoffs and furloughs of thousands of hardworking Americans in automotive manufacturing sites all across the country. Today’s announcement will ensure that this doesn’t happen again.” Reuters reports Raimondo said that Global Foundries’ semiconductors are “essential chips to our national security.” The Washington Post reports that Global Foundries CEO Thomas Caulfield said in a statement that the funding will “play an important role in making the U.S. semiconductor ecosystem more globally competitive and resilient,” adding that the industry needs to next turn its “attention to increasing the demand for U.S.-made chips, and to growing our talented U.S. semiconductor workforce.”         However, the New York Times reports in another piece that more broadly, that a number of chip makers, such as TSMC, are “running into obstacles with their U.S. expansion plans. Intel, Microchip Technology and others have also adjusted their production schedules, as a sales slump in many kinds of chips pressures the companies to manage their spending on new infrastructure. New chip factories are hugely complex, involving thousands of construction workers, long construction timelines and billions of dollars of machinery.” US Looking To Create “China-Free” Metals Supply Chain Bloomberg reports China’s decision to limit exports of gallium and germanium last year “sent a jolt through the White House,” and has spurred “efforts to create an alternative, China-free, global metals supply chain.” However, tangible efforts “have so far been limited, and executives at some of the world’s biggest mining companies have reported frustration at what they view as a lack of a coherent strategy on critical minerals supply.” Industry experts have also “urged Washington to take a cue from Beijing and develop a more nimble stockpiling program to both protect manufacturers from scarcity and insulate producers against price falls.”         Meanwhile, the Wall Street Journal reports a $1.3 billion lithium factory in South Carolina has collapsed following a crash in battery metal prices. The Journal explains that while metals production ramped up, car makers have eased back on EV plans, causing the crash. US Producer Prices Rise More Than Expected In January Reuters reports US producer prices “increased more than expected in January amid strong gains in the costs of services such as hospital outpatient care and portfolio management, stoking financial market fears inflation was picking up after months of cooling.” The increase, reported by the Labor Department, was the largest in nearly six months. The report “followed on the heels of an above-expectations rise in consumer prices in January and prompted financial markets to dial back expectations that the Federal Reserve would start cutting interest rates in June.”         A separate Reuters article reports that US stocks “fell on Friday...after a hotter-than-expected producer prices report eroded hopes for imminent interest rate cuts by the Federal Reserve.” The new data “could encourage the Fed to wait before cutting rates.” European Manufacturing Boosted While US Sees Reduction Bloomberg reports global manufacturing output has reached “the highest level since mid-2022” with economists expecting “a modest improvement in the February PMIs (Purchasing Managers Indexes) for the euro zone and the UK.” However, US manufacturing slowed in January, “reflecting declines in the output of motor vehicles, machinery and metals” with projections from S&P Global showing stagnation for February. Treasury Yields Jump To New High As Government Anticipates Interest Payments The Wall Street Journal reports Treasury yields have risen to the highest point in years, as the US government is expected to pay an additional $1.1 trillion in debt-related interest over the coming decade. US Crude Boom Easing, May Lead To Jump In Oil Prices The Wall Street Journal reports the US shale oil boom is easing, with crude output expected to increase by just 170,000 barrels a day this year, compared to over 1 million in 2023. US production has helped lessen the impact of cuts by OPEC, and the drop could result in higher, more unstable prices. Previous Top Stories  • NOAA Hears Boating Industry Concerns And Marine Technological Solutions Regarding The Proposed Vessel Speed Restriction Rule  • Federal Reserve Bank Of Atlanta Warns That Conditions Not Yet Amendable To Rate Cuts

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