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Wednesday, 01 November 2017


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Nominations Sought For 2018 Freedman Award

Nominations are being accepted for the 2018 Alan J. Freedman Memorial Leadership Award. Recipients of the NMMA Freedman Award are individuals who have made outstanding contributions to the marine accessories industry through leadership, creativity and personal motivation. Read More

LEADING ECONOMIC AND POLICY NEWS

President Trump Meets With Business Groups To “Build Momentum” For Tax Reform

The AP reports that President Trump met with industry leaders Tuesday “to build momentum for his tax overhaul ahead of his lengthy trip to Asia.” It adds that the president is “hoping to sign the tax bill into law by Christmas,” and says the signing of the bill will be “the biggest tax event in the history of our country.” The AP also points out that President Trump “says Treasury Secretary Steve Mnuchin and economic adviser Gary Cohn will be staying behind to work on the tax bill.” Asked whether the proposed reduction in the corporate tax rate will be phased-in, Bloomberg News reports, the president responded, “Hopefully not.” Bloomberg adds, “Trump’s comments came at the beginning of a meeting with various business interest groups that included the Chamber of Commerce, the Business Roundtable and the National Association of Manufacturers, according to a list made available by the White House.” The article emphasizes that “Trump and Republican congressional leaders want to cut the corporate tax rate to 20 percent from 35 percent.” In a separate article, Bloomberg News reports that “House tax writers have completed about 90 percent of the tax bill they plan to release this week,” according to House Ways & Means Committee Chairman Kevin Brady (R-TX). Bloomberg adds that Brady “echoed” a statement that “the White House wants an immediate rate cut to 20 percent from the current 35 percent to stimulate economic growth.”

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Labor Department: US Labor Costs Increase, Driven By Wage Gains In Manufacturing

Bloomberg News reports, “US employment costs picked up in the third quarter from the previous three months, helped in part by faster wage gains in manufacturing.” The department’s Employment Cost Index “advanced 0.7 percent (matching est.) after a 0.5 percent gain in the prior three months,” while “wages and salaries also rose 0.7 percent in third quarter,” and “benefits costs climbed 0.8 percent after rising 0.6 percent.” In addition, Labor Department data “showed a 1 percent increase in manufacturer employment costs from the prior quarter, helped by a jump at aircraft makers.”

Trump Expected To Name Fed Governor Powell As Fed Chairman

The New York Times reports, “President Trump is expected to nominate Jerome H. Powell as the next chairman of the Federal Reserve, replacing Janet L. Yellen, whose term expires early next year, according to two people familiar with the plans.” Powell has been a Federal Reserve governor since 2012, and “is a Republican with deep roots in the party’s establishment and in the financial industry.” The Times adds that he “has steadily supported Ms. Yellen’s approach to monetary policy and financial regulation, creating an expectation that he would be unlikely to attempt large or sharp changes in the Fed’s course.”

US Consumer Confidence Approaches 17-Year High

Reuters reports, “US consumer confidence jumped to a near 17-year high in October, with households upbeat about the labor market and business conditions, which could underpin consumer spending and boost the economy in the final three months of the year.” Reuters adds that “the economy’s prospects were further bolstered by other reports on Tuesday showing an acceleration in wage growth in the third quarter and sustained increases in house prices in August,” stating that “strong domestic fundamentals [are] likely keep the Federal Reserve on track to raise interest rates in December.” The article also points out that “The Conference Board said its consumer confidence index increased 5.3 points to 125.9 this month, the highest reading since December 2000.”

Regional Manufacturing Indexes Show “US Manufacturing Is Powering Up”

Bloomberg News reports, “America’s factories cranked it up in October, according to the latest regional manufacturing indexes.” It adds, “From Milwaukee to Dallas to New York state, measures improved to multi-year highs, reflecting robust orders growth as the global economy shows some promise.” It points out that the Federal Reserve Bank of Dallas reported recently that “manufacturing business activity was the firmest in more than 11 years,” while the “Kansas City Fed’s measure advanced to the strongest reading since March 2011,” and “the New York Fed’s Empire State factory index climbed to the highest since September 2014.” Reuters reports, “A measure of factory activity in the US Upper Midwest increased in October, led by improved readings in new orders, production and business outlook, according a private survey released on Tuesday.” The survey, by Marquette University and the Institute for Supply Management-Milwaukee “said their seasonally adjusted index on manufacturing in the Milwaukee region rose to 63.61 this month from 60.24 in September.”

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Last Updated ( Wednesday, 01 November 2017 )