Unlock Prime Opportunities At ICAST 2024's Marine Accessories Pavilion

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FEATURED INDUSTRY NEWS Unlock Prime Opportunities At ICAST 2024’s Marine Accessories Pavilion The highly anticipated International Convention of Allied Sportfishing Trades (ICAST) 2024 is set to take place from July 16-19 in Orlando, Florida. NMMA is offering an unparalleled opportunity for marine accessory businesses at the Marine Accessories Pavilion (MAP), which is strategically positioned to capture the attention of key buyers, dealers, and distributors. Read More Senator Tammy Baldwin Visits Mercury Marine, Discusses Congressional Issues Last week U.S. Senator Tammy Baldwin (D-WI) visited Mercury Marine’s Headquarters in Fond du Lac, Wisconsin. The visit was characterized by substantive discussions on pivotal congressional issues, preceding a tour that underscored Mercury’s local impact and advocacy efforts within the industry. Read More LEADING ECONOMIC AND POLICY NEWS Worker Productivity Gains Slowed Sharply In Q1, While Unit Labor Costs Rose Sharply Reuters says that “weaker” productivity gains in Q1 “may challenge the Federal Reserve’s efforts to finish its inflation fight without a painful rise in unemployment, potentially stalling progress on prices absent a further economic slowdown.” Reuters adds, “Data for the first three months of 2024, however, showed worker productivity rose at a 0.3% annual pace, compared to increases of more than 3% in the prior three quarters.” Bloomberg reports that US labor costs “increased in the first quarter by the most in a year as productivity gains slowed, potentially adding to risks inflation will remain elevated. Unit labor costs, or what a business pays employees to produce one unit of output after taking into account changes in productivity, climbed at a 4.7% annual rate. That marked a notable jump after muted gains in the second half of 2023.” WPost Report: Senate Republicans Appear Likely To Block Bipartisan Tax Package The Washington Post reports that “a bipartisan compromise to expand the child tax credit and restore some corporate tax breaks looks like it may wither under opposition from Senate Republican leadership, dooming the measure even though the House passed it with a huge majority this year.” According to the Post, “The Senate’s top Republican tax writer, Mike Crapo (Idaho), opposes the bill, as do other top party officials.” The Post says “most Democrats back it, and supporters say it’s close to having enough GOP votes to overcome a filibuster but could still be short.” NYTimes Report: Changing Conditions Challenge Value Of Traditional Barometers Of Labor Market The New York Times reports that during 2022 and 2023, the Fed was focused “narrowly” on inflation, but “now that inflation has cooled, officials are more clearly factoring the job market into their decisions again.” However, one challenge is that it is “a very difficult moment to assess exactly what monthly labor market data are telling us.” The Times says that the current “hiring boom” is different than previous ones, as it has featured a “wave of immigrants and workers coming in from the labor market’s sidelines” to increase the labor supply. Because of that, payroll gains are “no longer providing a clear signal. That leaves economists turning to other indicators to evaluate the strength of the job market and to forecast its forward momentum. And those measures are delivering different messages.” Major Stock Indices All Post Gains CNBC reports, “Stocks rallied Thursday as investors looked ahead to more corporate earnings and a key labor report set for later in the week.” The Dow Jones Industrial Average “added 322.37 points, or 0.85%, to close at 38,225.66. The S&P 500 gained 0.91% to settle at 5,064.20, while the Nasdaq Composite surged 1.51% to end at 15,840.96.” Previous Top Stories  • Nominations Now Open For The 2024 NMMA Hall Of Fame Award  • Federal Reserve Holds Rates Steady As Powell Acknowledges Inflation Is Not Slowing As Rapidly As Hoped

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