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FEATURED INDUSTRY NEWSNMMA Presents At the California Boating CongressThis 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 NEWSWholesale Price Inflation Accelerated In FebruaryBloomberg 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 ExpectedThe 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 ClimbCNBC 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 | |||||||||||
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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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