Rhode Island marine industry has outsized impact on state’s economy
A new study shows marine trades had a 13 percent economic output in 2016.
Economy
Consumer confidence at record highs
The economic indicator that Navico CEO Leif Ottosson watches first and foremost is consumer confidence, and The Conference Board’s measure of the American consumer’s mood delivered good news to Navico and the rest of the recreational marine industry at the end of August.
Workers quitting jobs at record rate
The largest share of workers since 2001 quit their jobs in July as U.S. job openings rose to a new record high, according to the U.S. Department of Labor.
Economy continues to roll, despite concerns about tariffs
Consumer confidence remained strong in two surveys released in late July, and employers added 157,000 jobs during the month, indicating that the economy continues to expand despite fears about President Donald Trump’s tough trade policies.
Housing market, jobs report keep confidence high
Consumer confidence remained high in surveys released at the end of June, but there were signs that concern about the impact of President Donald Trump’s aggressive trade policies has begun to creep into consumers’ minds.
Imtra CEO joins experts on bullish US outlook
Consumer confidence is near an 18-year high and consumer spending is rising, leaving Imtra’s Eric Braitmayer, who puts both high on the list of indicators he watches, optimistic about the short-term outlook for the recreational boating industry.
April boat sales up 4.1 percent in main categories
Sales of new yachts and aluminum fishing boats helped bolster overall new boat sales in April, while sales in segments including pontoons reflected a chilly, wet spring across much of the country.
The power of positive thinking
At the start of May, Americans’ faith in the economy was strong and economic indicators pointed toward rising consumer activity, suggesting that the recreational boating industry could find continued success during the spring and summer selling seasons this year.
Rising costs could pressure margins
Businesses are facing higher costs for everything from fuel and freight hauling to aluminum and labor, but thus far, consumers are resisting price increases.
Connecticut moves to cut boat tax
Connecticut is looking to slash taxes on boats, joining neighboring states like Rhode Island, New York and New Jersey that have already done so.
Brunswick releases first quarter sales
Brunswick Corp. announced that consolidated net sales increased 7 percent in the first quarter, with the marine engine segment up 9 percent and the boat segment rising 7 percent over last year.
Flir posts first quarter results
First quarter revenue at Flir Systems Inc. grew 8 percent to $439.6 million, and organic revenue was up 13 percent, due in part to strong results in the Raymarine.
Acting director plans to scale back consumer protection agency’s power
The Trump administration is likely to end public access to a web portal used by hundreds of thousands of consumers each year to file complaints against financial companies.
Consumers hesitant to spend despite tax cuts
Automobile sales helped drive a retail sales rebound in March, but the growth was sluggish despite higher employment and bigger paychecks, The Wall Street Journal is reporting.
CBO says deficit and debt could grow
According to the National Marine Manufacturer’s Association’s daily Currents newsletter, the latest Congressional Budget Office’s report on the federal government’s fiscal outlook generated media coverage that predicts the budget deficit and national debt will rise sharply under President Trump’s watch.
WSJ: Tax overhaul didn’t translate to consumer spending in Q1
Americans saved their extra money from the recent tax overhaul rather than spending it, which The Wall Street Journal says potentially thwarted growth in the first quarter.
Mixed messages on the economy
Markets tumbled on Monday as embattled Facebook sparked a tech selloff — the most recent illustration of the mixed economic indicators prevalent in the news.
Job growth on the rise, but wages lag behind
U.S. job growth surged in February, recording its biggest increase in more than a year and a half with 313,000 jobs added, on the same day the U.S. bull stock market turned nine.
Disposable personal income rose in January
According to the Bureau of Economic Analysis, personal income increased 0.4 percent in January. The same increase was reported for December 2017. Wages and salaries, the largest part of personal income, increased 0.5 percent in January after going up by 0.4 percent last December.
Marine industry keeps a close eye on stock market
The decline in the stock market continued in the United States this morning, with the Dow Jones industrial average dropping nearly 600 points at the open today, but quickly recovering most of those losses.
ECONOMIC NEWS: GDP and leading indicators point toward further growth
Two sources of financial information — one that looks back and one that peers ahead — suggest that the U.S. economy is poised for continued growth in the new year.
ECONOMIC NEWS: Businesses expect growth; consumers wary of tax-reform law
American businesses see the economy continuing to expand, though moderately, and consumers are slightly less optimistic than they were as 2017 ended.
ECONOMIC NEWS: Small-business index reflects strong owner confidence
Buoyed by the election of Donald Trump and the Republican Party’s control of Congress, confidence among U.S. small businesses stayed strong throughout 2017 — and well it should, given some of the trends in the economy.
ECONOMIC NEWS: Manufacturing and construction hiring bodes well for 2018
The U.S. economy created 148,000 jobs in December, fewer than economists expected, but the manufacturing and construction sectors hired more people and there have been additional recent signs that manufacturing is improving.