Inside Elections Editor And Publisher Nathan Gonzales To Speak At ABC Conclusion

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FEATURED INDUSTRY NEWS Inside Elections Editor And Publisher Nathan Gonzales To Speak At ABC Conclusion The American Boating Congress (ABC) 2024 is proud to announce that Nathan Gonzales, Editor and Publisher of Inside Elections, will speak at the conclusion of this year’s largest industry advocacy event. Scheduled to take place from Wednesday, May 8 to Friday, May 10 at the Intercontinental—The Wharf in Washington, D.C., Gonzales will share his insight and 2024 forecasts with boating industry advocates. Read More ABYC Standards Significantly Reduce Boating Accident Frequency And Severity The American Boat and Yacht Council (ABYC), a nonprofit association that sets voluntary global safety standards for the design, construction, maintenance, and repair of recreational boats, in collaboration with the United States Coast Guard (USCG), released a significant analysis by independent research firms Industrial Economics, Inc. (IEc) and ITA International. This analysis focuses on the effectiveness of ABYC standards in enhancing recreational boating safety and was presented during the USCG/ABYC Risk Mitigation webinar “Don’t Be a Statistic. Data Saves Lives” on May 1. Read More LEADING ECONOMIC AND POLICY NEWS Labor Department Says Job Gains In April Were Smallest In Six Months While Unemployment Rose CNBC reported the Labor Department on Friday announced the US economy “added fewer jobs than expected in April while the unemployment rate rose, raising hopes that the Federal Reserve will be able to cut interest rates in the coming months.” The AP reported the addition of just 175,000 jobs is “a sign that persistently high interest rates may be starting to slow the robust U.S. job market.” The AP also says Friday’s data “showed that last month’s hiring gain was down sharply from the blockbuster increase of 315,000 in March. And it was well below the 233,000 gain that economists had predicted for April.”         Reuters reported that the job growth “was diverse,” and Axios reported it was “concentrated in health care, social assistance, transportation and warehousing.” Bloomberg reported that the Institute for Supply Management’s index for the US services sector, released later on Friday, showed it “unexpectedly contracted in April for the first time since 2022 as a gauge of business activity slumped to a four-year low and a measure of input costs rose.”         According to the New York Times, “Swift wage growth in the first quarter, evidenced by a hotter-than-expected Employment Cost Index reading, may have in part reflected raises and minimum-wage increases going into effect in January as well as new union contracts.” The Times also points out “the average number of hours worked per week sank, another signal of a decline in labor demand.”         Meanwhile, the Washington Post reported that as the unemployment rate “ticked up to 3.9 percent,” April “marks the 27th consecutive month that the unemployment rate was below 4 percent.” According to the Post, “This was last recorded during a low-unemployment period between 1967 and 1970, and again for a longer period between 1951 and 1953.”         Bloomberg Opinion columnist Jonathan Levin wrote that the jobs report “suggested that the economy is still on its trajectory of rebalancing labor markets, moderating wage growth and cooling inflation,” and he expresses “hope this continues.” He concludes that after three months of “not-great inflation data, I suspect that policymakers will need to see at least three better ones before they cut rates – and that means, barring a shock-induced recession, that a July cut is the absolute most optimistic scenario for doves. But at least the ugly and noisy streak of first-quarter data is now behind us, and that’s a step in the right direction.”         However, a Wall Street Journal editorial argues jobs added in government, healthcare, and social assistance will not lead to long-term growth because they take employees from other industries like hospitality and manufacturing.         Federal Reserve Officials Say April Jobs Report Is Promising Bloomberg reported while the April jobs data “likely don’t amount to ‘an unexpected weakening’ that Federal Reserve Chair Jerome Powell said would warrant a policy response,” it “signaled further evidence that demand for workers is moderating.” In addition, the New York Times says it “offered early evidence of the type of moderation that [Fed officials] have been hoping to see.”         Bloomberg reported that Chicago Fed President Austan Goolsbee “said additional jobs reports like Friday’s would give him comfort the economy is not overheating.” In addition, Reuters reported that Goolsbee argued that the Fed “should beef up its quarterly ‘dot plot’ of policymakers’ interest-rate-path views by including the individual economic expectations that inform each one.” Meanwhile, Reuters reported that New York Fed President John Williams said the US central bank’s 2% inflation target is “key to achieving price stability and essential for ensuring economic prosperity.”         According to the New York Times, the latest jobs data “rekindled hopes” on Wall Street that the Fed “may yet cut rates before the end of the year.” Bloomberg points out “Treasuries surged and traders ramped up bets on how soon the Federal Reserve will begin to cut interest rates this year after a US labor-market report trailed estimates.” Benchmark two-year Treasury yields “plunged as much as 17 basis points to 4.71% as traders reacted to the job creation figures.” Traders now expect “a Fed cut as soon at September, after earlier Friday seeing that in November, and are pricing two 25-basis-point reductions this year.” The Wall Street Journal provides similar coverage.         Jeff Sommer says in the New York Times that the Fed is “engaged in a colossal transformation of the financial economy. Yet scarcely anyone is noticing.” The central bank “said on Wednesday that it would start slowing the pace of this asset paring in June, to $60 billion a month from a maximum reduction of $95 billion a month.” Sommer says that these “may look like big numbers. Yet on a comparative basis, they are piddling. Consider that the central bank’s assets peaked two years ago at almost $9 trillion.” Now, “after much careful effort, the Fed has cut that total to about $7.4 trillion.”         Meanwhile, Paul Krugman wrote at the New York Times that while the economic news “continues to be pretty good,” Americans “might not have gotten that message” if they watch financial TV. Because commentators “seize on every hint of bad news,” the public is “reacting,” and Google searches for “stagflation” have “spiked.” Krugman says the US “had some disappointing inflation data lately. But despite this, we’re in a far better place than most analysts even thought possible not long ago.”         However, Eduardo Porter wrote in the Washington Post that as consumer price inflation “wobbles in the 3 to 3.5 percent range, Wall Street’s calm assessment that interest rates were sure to start gliding down has abruptly turned into a sense of dread.” Porter says there is “a sense that the nature of inflation is changing, from the easy-to-tame kind – born mostly of supply shocks that raise the price of energy, food and manufactured goods – to a tougher variety that is fueled by tight labor markets and attendant wage increases.” Nonetheless, Porter contended that once economists “get past the discomfort produced by the new inflation dynamics, some are allowing themselves to be tempted by an unorthodox thought: Maybe 3 to 3.5 percent inflation is not so bad.” Treasury Secretary Says US Fundamentals Suggest Inflation Is Slowing In an interview with Bloomberg, Treasury Secretary Yellen “said she still sees underlying price pressures receding even as a tight housing supply has helped stall the downward path of inflation.” Yellen said, “To me the fundamentals are: inflation expectations – they’re well under control, and the labor market – strong but not a significant source of inflationary pressure.”         However, the AP reported that Yellen later warned “a fractured democracy can have destructive effects on the economy – an indirect jab at Donald Trump.” The AP reported that Yellen used “economic data to paint a picture of how disregard for America’s democratic processes and institutions can cause economic stagnation for decades.” The AP characterized Yellen’s remarks as “a sort of warning for business leaders who may overlook Trump’s disregard for modern democratic norms because they prefer the former president’s vision of achieving growth by slashing taxes and stripping away regulations.”         In his New York Times column, Peter Coy wrote that the US, “financially speaking,” has been “a Teflon nation,” but “that nonstick finish doesn’t have a lifetime guarantee, though.” Coy warns if the US “becomes dysfunctional enough, global investors will rationally conclude that the safe haven isn’t safe anymore,” and cautions “they will move some of their money elsewhere – to Canada, Germany, Japan, maybe China.” Coy asserted, “Brinkmanship and other political stunts may stir the blood, but voters won’t be happy with America’s political leaders if the fighting starts hitting them in the wallet.” President Biden Vetoes Bill To Overturn NLRB Rule On Status Of Contract And Franchise Workers Reuters reported that on Friday, President Biden “followed through...on his vow to veto a Republican-backed measure that would have repealed” a National Labor Relations Board rule that treats companies “as the employers of many of their contract and franchise workers and requiring them to bargain with those workers’ unions.” Reuters pointed out that the bill to repeal the National Labor Relations Board rule had passed Congress “narrowly” and it is unlikely Republicans will be able to “muster the two-thirds majority to override the veto by Biden.” Meanwhile, a federal judge in March blocked the rule from taking effect, “but that decision will likely be appealed.” Stocks End Week Higher Reuters (5/3) reports, “Wall Street surged to a higher close on Friday as a softer-than-expected employment report bolstered the case for rate cuts from the Federal Reserve while also providing evidence of U.S. economic resilience.” All three major stock indexes “posted robust gains” and they also “notched their second straight Friday-to-Friday gains, capping a week in which markets were encouraged by Fed Chair Jerome Powell’s more dovish-than-expected statements following Wednesday’s rate decision.” The Dow Jones Industrial Average “rose 450.02 points, or 1.18%, to 38,675.68, the S&P 500 “gained 63.59 points, or 1.26%, to 5,127.79 and the Nasdaq Composite “added 315.37 points, or 1.99%, to 16,156.33.” Opinion: Biden Administration’s Environmental Policies Harming US Economy In an op-ed for The Hill, American Energy Institute CEO Jason Isaac argues that the Biden Administration’s environmental policies are harming the US economy by restricting fossil fuel production and access to affordable energy. Previous Top Stories  • Unlock Prime Opportunities At ICAST 2024’s Marine Accessories Pavilion  • Worker Productivity Gains Slowed Sharply In Q1, While Unit Labor Costs Rose Sharply

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