A new study shows marine trades had a 13 percent economic output in 2016.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
American businesses see the economy continuing to expand, though moderately, and consumers are slightly less optimistic than they were as 2017 ended.
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.