Atlantic Intracoastal Waterways Association Hosts Advocacy Day

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FEATURED INDUSTRY NEWS Atlantic Intracoastal Waterways Association Hosts Advocacy Day Last month, NMMA and other members of the Atlantic Intracoastal Waterways Association (AIWA) board of directors, met with 14 members of Congress representing states from Virginia to Georgia. Board members sought Congressional support to fund dredging and maintenance by the U.S. Army Corps of Engineers for the length of the 1,100-mile-long waterway, which stretches from Norfolk to Miami. Read More LEADING ECONOMIC AND POLICY NEWS Despite Federal Investments, Overall Outlook For Manufacturing Jobs “Weak” Reuters reports that ahead of the November elections, President Biden “is touring factories to tout his accomplishments, especially to voters in battleground states.” However, “Even as construction is booming and some segments of heavy industry continue to hum, such as those that supply goods for government-funded infrastructure projects, the larger outlook for jobs in manufacturing is weak. Economists mostly attribute that to a combination of high interest rates, a slowing economy, and the end of the COVID-19 demand surge for many kinds of manufactured goods.” The Administration “contends it’s too soon to see the full fruits of its efforts.” Oil Prices Rising Ahead Of Summer Driving Season The Wall Street Journal reports that a variety of factors have combined to push oil prices to “their highest level in months, setting the stage for what could be a summer surge in gas prices.” Brent crude futures “have climbed 18% in 2024 to exceed $90 a barrel for the first time since October.” In addition, gasoline supplies are a “possible pinch point,” as US inventories are 3% lower than recent averages for this time of year. Chicago Fed President Maintains That Inflation Data Is Consistent With Fed Outlook, Minneapolis President Says No Cuts This Year In Play Bloomberg reports that Chicago Fed President Austan Goolsbee “said that higher-than-expected inflation readings from the start of the year likely don’t change the broader picture of cooling price growth.” According to Bloomberg, Goolsbee “shrugged off the apparent slowdown in inflation progress in January and February. ‘My overall assessment is that these two months should not knock us off the path back to target,’ Goolsbee said in prepared remarks, adding that economic activity right now does not resemble a traditional overheating of demand.” Bloomberg says Goolsbee was “among more than a half-dozen Fed officials set to speak Thursday in moderated discussions or speeches. Others include Cleveland Fed President Loretta Mester and Minneapolis’s Neel Kashkari.” CNBC reports that Kashkari “commented Thursday afternoon that he wondered if the central bank should cut rates at all if inflation remained sticky, adding to a recent chorus of Fed speakers talking conservatively about policy.” Bloomberg reports that Kashkari said, “In March I had jotted down two rate cuts this year if inflation continues to fall back towards our 2% target. If we continue to see inflation moving sideways, then that would make me question whether we needed to do those rate cuts at all.”         The Wall Street Journal editorializes it “can’t say for sure whether the Federal Reserve should maintain or cut its current target for short-term interest rates – and neither can the Fed, or anyone else.” The Journal suggests that a sharp rise in commodity prices, particularly gold, suggests that the markets may be signaling concern that the Fed may move too quickly to lower rates. American Businesses Increasingly Seek Skilled British Workers The Wall Street Journal discusses a rising trend of US firms outsourcing work to Britain, driven by “depressed U.K. salaries, tax incentives and a weak currency,” as well as the growing prevalence of remote work, which increasingly allows companies to move high-skilled positions overseas to capitalize on cost advantages. Stocks Plunge Late In The Day To Add To The Week’s Losses CNBC reports that “stocks turned lower on Thursday with investors on edge this week ahead of the March jobs report due out on Friday.” The Dow Jones Industrial Average “lost 517 points, or 1.3%, resuming its slide this week after gaining 294 points earlier Thursday. Between the highs and lows of the day, the 30-stock Dow’s range was 861.94.” The S&P 500 “lost 1.1%, giving up a 0.9% gain,” and the Nasdaq Composite “dipped 1.1%.” Previous Top Stories  • Outstanding Technician Awards Nomination Deadline Approaching  • Federal Reserve Chair Said Fed Still Likely To Cut Rates Later This Year, But More Data Needed

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