NMMA Submits Comments On Promoting Supply Chain Resiliency

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FEATURED INDUSTRY NEWS NMMA Submits Comments On Promoting Supply Chain Resiliency Earlier this week, NMMA submitted comments to the Office of the United States Trade Representative (USTR) as the administration requested comments on promoting supply chain resiliency. NMMA is supportive of efforts strengthening supply chains, creating more sustainable opportunities, and ensuring resiliency in the face of shocks to the system. Read More LEADING ECONOMIC AND POLICY NEWS GDP Growth Slowed, Inflation Accelerated In First Quarter Bloomberg reports US economic growth “slid to an almost two-year low last quarter while inflation jumped to uncomfortable levels, interrupting a run of strong demand and muted price pressures that had fueled optimism for a soft landing.” According to data released by the Department of Commerce on Thursday, the AP reports, GDP growth “slowed sharply” in the first quarter of 2024 “to a 1.6% annual pace in the face of high interest rates, but consumers – the main driver of economic growth – kept spending at a solid pace.” That’s down from a “brisk” 3.4% rate in the 4th quarter of 2023. The Washington Post says the “deceleration reflects swings in business inventory and trade, as well as weakening household and government spending. In the most recent quarter, Americans bought more foreign-made goods while selling fewer U.S.-made items overseas, both of which dragged down economic growth.” CNBC reports economists “surveyed by Dow Jones had been looking for an increase of 2.4%.”         In addition, the Wall Street Journal says Thursday’s report showed inflation “was stronger-than-expected during the first quarter. Core prices, which exclude volatile food and energy items, rose at a 3.7% annualized rate during the quarter and were up 2.9% from a year ago, according to the personal-consumption expenditures price index.” The Journal suggests the inflation numbers reduce the chance of the Fed cutting rates in the near future. CNBC says that the overall PCE, “a key inflation variable for the Federal Reserve, rose at a 3.4% annualized pace for the quarter, its biggest gain in a year and up from 1.8% in the fourth quarter.”         In contrast to other reports, the New York Times says the economy “remained resilient early this year, with a strong job market fueling robust consumer spending,” adding, “economists were largely unconcerned by the slowdown.”         Reacting to the new economic reports, the Wall Street Journal says in an editorial, “Democratic economists and their media friends have claimed for months that Americans aren’t giving President Biden enough credit for a booming economy. The latest growth data released Thursday hint at a reason: There’s less boom than meets the spin.” Looking at the economy as a whole, the Journal says that “all of this is a long way from broad-based prosperity, which is what voters are trying to tell the political class.”         Politico and The Hill also report.         Treasury Secretary Remains Optimistic On Trajectory Of Economy In an interview with Reuters, Treasury Secretary Yellen claimed she is “focused on consumer and business spending.” She said, “Those two elements of final demand came in line with last year’s growth rate ... so this is the underlying strength of the U.S. economy that showed continuing robust strength and an economy firing on all cylinders.” In another article, Reuters reports Yellen “said U.S. GDP growth for the first quarter could be revised higher after more data is in hand and inflation will ease to more normal levels after a clutch of ‘peculiar’ factors held the economy to its weakest showing in nearly two years.”         Meanwhile, Bloomberg reports Yellen, in the Reuters interview, “said US inflation can come down without requiring a weakening in the historically strong job market.” Yellen said, “I don’t see any reason why unemployment needs to rise to bring inflation down.” Stocks Fall, Treasury Yields Spike As Investors Expect The Fed To Further Delay Rate Cuts CNBC reports that stocks “tumbled Thursday after the latest U.S. economic data showed a sharp slowdown in growth and pointed to persistent inflation.” The Dow Jones Industrial Average “slid 375.12 points, or 0.98%, to close at 38,085.80.” The S&P 500 “dropped 0.46% to finish the session at 5,048.42, and the Nasdaq Composite lost 0.64% to 15,611.76.” Previous Top Stories  • ABYC Announces Outstanding Technician Winners  • Business Groups Challenge FTC’s Authority To Ban Noncompete Agreements

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