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Connect Your Business With The Global Marine Market, Exhibit In U.S.A. Pavilion

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FEATURED INDUSTRY NEWS

Connect Your Business With The Global Marine Market, Exhibit In U.S.A. Pavilion

The USA Pavilion returns to the Marine Equipment Trade Show (METS) in Amsterdam, November 19-21, and limited space is available to new exhibitors. NMMA is encouraging all members who wish to expand their global market to join METS. Read More

LEADING ECONOMIC AND POLICY NEWS

Bloomberg Report: Increase In US, Chinese Manufacturing Brings End To Global Manufacturing Slump

Bloomberg reported that assembly lines ā€œaround the world are starting to hum again, marking a turn in a years-long manufacturing slump.ā€ The nascent industrial recovery is led by Chinese manufacturing, which ā€œhas made a strong start to the year, boosting the economic outlook,ā€ and US factory activity, which ā€œunexpectedly expanded last month for the first time since September 2022, buoyed by rising new orders and a jump in production.ā€

Consumer Sentiment Ticks Down Slightly As Americans Look Towards Election

The AP reported the University of Michiganā€™s Friday consumer sentiment index showed that ā€œconsumer sentiment about the U.S. economy has ticked down but remains near a recent high, with Americansā€™ outlook largely unchanged this year.ā€ The index ā€œslipped to 77.9 this month, down from Marchā€™s figure of 79.4,ā€ meaning that ā€œsentiment is about halfway between its all-time low, reached in June 2022 when inflation peaked, and its pre-pandemic averages.ā€ Survey director Joanne Hsu explained, ā€œConsumers are reserving judgment about the economy in light of the upcoming election, which, in the view of many consumers, could have a substantial impact on the trajectory of the economy.ā€

        Reuters noted that the survey also showed that ā€œhouseholds expected inflation to increase over the next 12 months and beyond, likely providing more ammunition for the Federal Reserve to delay cutting interest rates until September.ā€ Data indicated that ā€œone-year inflation expectations increased to 3.1% in April from 2.9% in March,ā€ while ā€œthe surveyā€™s five-year inflation outlook rose to a five-month high of 3.0% from 2.8% in the prior month.ā€ Reuters goes on to discuss ā€œother data on Friday showing import prices excluding fuels barely rose in March after surging at the start of the year,ā€ growing 0.4% in ā€œthe first year-on-year increase since January 2023.ā€

        NYTimes Columnist: Americans Do Not Have ā€œStrong Graspā€ On Why Prices Stagger Peter Coy wrote in the New York Times that Americans were surprised when inflation rose, fell, and when it stopped falling, which he says sends a message that ā€œwe ā€“ including professional economists ā€“ really donā€™t have a strong grasp on why prices go up and down.ā€ Coy says a ā€œbig reasonā€ that President Biden is ā€œlagging in the polls is that voters, rightly or wrongly, blame his policies for the inflation surge of 2022, when the annual change in the Consumer Price Index briefly hit 9.1 percent.ā€ Coy added that if Americans ā€œdonā€™t understand inflation,ā€ then they also ā€œdonā€™t truly understand anything else about the business cycle (if there even is one), because growth and inflation are intertwined.ā€

Economists See Lower Recession Prospects As Growth Forecasts Rise

The Wall Street Journal reported its quarterly survey shows economists on average predict a 29% chance of recession within a year, down from 39% in January and marking the lowest level since April 2022 as experts brighten their outlook on US growth prospects throughout the year.

Multiple Federal Reserve Officials Dampen Hopes For Rate Cuts, Citing Persistent Inflation And Strong Economy

Reuters reported San Francisco Federal Reserve President Mary Daly ā€œsaid on Friday there is still ā€˜a lot of work to doā€™ to make sure inflation is on track to the Fedā€™s 2% goal, and there is ā€˜absolutelyā€™ no urgency to cut rates.ā€ Following recent inflation figures, Daly ā€œdeclined to say how the data affects her assessment of the number of rate cuts that will eventually be needed,ā€ adding, ā€œPolicyā€™s in a good place right now, and I need to be fully confident that inflation is on track to come down to 2%, which is our definition of price stability, before we would consider a rate cut.ā€ According to Reuters, Daly indicated that ā€œwith the labor market strong and inflation falling more slowly than it did last year...the Fed will maintain its current stance ā€˜as long as necessary.ā€™ā€ Bloomberg offers similar coverage.

        Meanwhile, Bloomberg reported Federal Reserve Bank of Atlanta President Raphael Bostic ā€œstuck to his expectation for one interest-rate cut this year, while maintaining flexibility to adjust as needed,ā€ saying that if ā€œsomething surprising happens, Iā€™d adjust the outlook based on that.ā€ In addition, Bloomberg reported the Kansas City Fedā€™s Jeffrey Schmid ā€œnoted he prefers a ā€˜patientā€™ approach to reductionsā€ and ā€œalso said policymakers should wait for ā€˜clear and convincingā€™ evidence that inflation is headed back toward 2% before lowering interest rates, rather than adjusting policy preemptively.ā€ Schmid ā€œalso said recent price pressures have been concentrated in the services sector, supported by a tight labor market,ā€ meaning that ā€œbetter balance between the supply and demand for labor will likely be needed for the Fed to achieve price stability.ā€

Oil Prices Hit Six-Month Highs On Israel-Iran War Concerns

Bloomberg reported oil ā€œjumped to the highest level since October on news that Israel is bracing for a possible attack from Iran or its proxies. ... Global benchmark Brent rallied above $92 a barrel. Futures have surged 19% this year with the war adding risk premium to the market.ā€ CNBC reported that ā€œthe West Texas Intermediate contract for May delivery hit a session high of $87.67,ā€ and ā€œultimately gained 64 cents, or 0.75%, at settle at $85.66 a barrel, while the global benchmark settled at $90.45, up 0.79% or 71 cents.ā€

Stocks And Treasury Yields Plunge To End The Week

The New York Times reports stocks ā€œslumped to a second consecutive weekly loss on Friday, as intensifying tension in the Middle East prompted caution among investors, adding to concerns about lingering inflation that had set off a retreat earlier in the week.ā€ CNBC reports the Dow Jones Industrial Average ā€œslid 475.84 points, or 1.24%, closing at 37,983.24.ā€ The S&P 500 ā€œtumbled 1.46% at 5,123.41,ā€ and the Nasdaq Composite ā€œpulled back by 1.62% at 16,175.09.ā€ For the week, the S&P 500 ā€œdropped 1.56%,ā€ and the Nasdaq was ā€œ0.45% lower.ā€

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