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FEATURED INDUSTRY NEWSConnect Your Business With The Global Marine Market, Exhibit In U.S.A. PavilionThe 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 NEWSBloomberg Report: Increase In US, Chinese Manufacturing Brings End To Global Manufacturing SlumpBloomberg reported that assembly lines “around the world are starting to hum again, marking a turn in a years-long manufacturing slump.” The nascent industrial recovery is led by Chinese manufacturing, which “has made a strong start to the year, boosting the economic outlook,” and US factory activity, which “unexpectedly expanded last month for the first time since September 2022, buoyed by rising new orders and a jump in production.” Consumer Sentiment Ticks Down Slightly As Americans Look Towards ElectionThe AP reported the University of Michigan’s Friday consumer sentiment index showed that “consumer sentiment about the U.S. economy has ticked down but remains near a recent high, with Americans’ outlook largely unchanged this year.” The index “slipped to 77.9 this month, down from March’s figure of 79.4,” meaning that “sentiment is about halfway between its all-time low, reached in June 2022 when inflation peaked, and its pre-pandemic averages.” Survey director Joanne Hsu explained, “Consumers 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.” Reuters noted that the survey also showed that “households 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.” Data indicated that “one-year inflation expectations increased to 3.1% in April from 2.9% in March,” while “the survey’s five-year inflation outlook rose to a five-month high of 3.0% from 2.8% in the prior month.” Reuters goes on to discuss “other data on Friday showing import prices excluding fuels barely rose in March after surging at the start of the year,” growing 0.4% in “the first year-on-year increase since January 2023.” NYTimes Columnist: Americans Do Not Have “Strong Grasp” 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 “we – including professional economists – really don’t have a strong grasp on why prices go up and down.” Coy says a “big reason” that President Biden is “lagging 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.” Coy added that if Americans “don’t understand inflation,” then they also “don’t truly understand anything else about the business cycle (if there even is one), because growth and inflation are intertwined.” Economists See Lower Recession Prospects As Growth Forecasts RiseThe 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 EconomyReuters reported San Francisco Federal Reserve President Mary Daly “said on Friday there is still ‘a lot of work to do’ to make sure inflation is on track to the Fed’s 2% goal, and there is ‘absolutely’ no urgency to cut rates.” Following recent inflation figures, Daly “declined to say how the data affects her assessment of the number of rate cuts that will eventually be needed,” adding, “Policy’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.” According to Reuters, Daly indicated that “with the labor market strong and inflation falling more slowly than it did last year...the Fed will maintain its current stance ‘as long as necessary.’” Bloomberg offers similar coverage. Meanwhile, Bloomberg reported Federal Reserve Bank of Atlanta President Raphael Bostic “stuck to his expectation for one interest-rate cut this year, while maintaining flexibility to adjust as needed,” saying that if “something surprising happens, I’d adjust the outlook based on that.” In addition, Bloomberg reported the Kansas City Fed’s Jeffrey Schmid “noted he prefers a ‘patient’ approach to reductions” and “also said policymakers should wait for ‘clear and convincing’ evidence that inflation is headed back toward 2% before lowering interest rates, rather than adjusting policy preemptively.” Schmid “also said recent price pressures have been concentrated in the services sector, supported by a tight labor market,” meaning that “better balance between the supply and demand for labor will likely be needed for the Fed to achieve price stability.” Oil Prices Hit Six-Month Highs On Israel-Iran War ConcernsBloomberg reported oil “jumped 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.” CNBC reported that “the West Texas Intermediate contract for May delivery hit a session high of $87.67,” and “ultimately 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.” Stocks And Treasury Yields Plunge To End The WeekThe New York Times reports stocks “slumped 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.” CNBC reports the Dow Jones Industrial Average “slid 475.84 points, or 1.24%, closing at 37,983.24.” The S&P 500 “tumbled 1.46% at 5,123.41,” and the Nasdaq Composite “pulled back by 1.62% at 16,175.09.” For the week, the S&P 500 “dropped 1.56%,” and the Nasdaq was “0.45% lower.” Previous Top Stories | |||||||||||
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