NMMA Presents At the California Boating Congress

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FEATURED INDUSTRY NEWS NMMA Presents At the California Boating Congress This week, NMMA took part in the eighth annual California Boating Congress (CBC) in Sacramento. Along with several California based-industry groups, nearly 60 people attended this year’s event. Read More LEADING ECONOMIC AND POLICY NEWS Wholesale Price Inflation Accelerated In February Bloomberg reports that the Labor Department’s Producer Price Index, a measure of inflation at the wholesale level, “rose in February by the most in six months, driven by higher fuel and food costs that add to evidence inflation remains elevated.” The PPI was up 0.6% from January, and 1.6% from a year earlier, “the largest annual advance since September.” CNBC reports that economists had expected a 0.3% monthly increase. The core PPI, which excludes volatile food and energy prices, “accelerated by 0.3%, compared with the estimate for a 0.2% increase.” The PPI “is considered a leading indicator for inflation as it indicates costs early in the supply chain.”         Reuters says the report “could fan fears that inflation was picking up again.” The AP reports that the new data “could present a challenge for the Fed, which meets next week and is counting on cooling inflation as it considers when to cut its benchmark interest rate, now at a 23-year high.” In another piece, Bloomberg says that recent data, including that released Thursday, “gave Federal Reserve officials more reasons to hold off on cutting interest rates.” February Retail Sales Rebound, But Not As Much As Expected The AP reports that retail sales “grew 0.6% from January to February, after a sharp fall of 1.1% the previous month. The data points to cooling consumer demand, with many consumers having run through their pandemic-era savings and putting more spending on credit cards.” Reuters reports that the data, released by the Commerce Department, revised January’s originally-reported decline of 0.8% downward to 1.1%, while sales in December “were also downgraded. Economists polled by Reuters had forecast retail sales, which are mostly goods and are not adjusted for inflation, would rise 0.8% in February.” The Wall Street Journal says that “many economists believe that Americans are close to spending down their pandemic-buffered savings and are feeling stretched by inflation.” Major Stock Indices Drop As Treasury Yields Continue To Climb CNBC reports that the Dow Jones Industrial Average” fell Thursday and snapped a 3-day win streak after the release of hotter-than-expected U.S. inflation data sent Treasury yields higher, while Nvidia shares were under pressure. The 30-stock Dow pulled back 137.66 points, or 0.35%, to close at 38,905.66.” The Nasdaq Composite “fell 0.3% to 16,128.53, while the S&P 500 slipped 0.29% to finish the session at 5,150.48.” Previous Top Stories  • Chicago Boat Show Moving To The Donald E. Stephens Convention & Conference Center In Rosemont In 2025  • Treasury Secretary Says It’s “Unlikely” Interest Rates Will Fall To Pre-Pandemic Levels

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