ECONOMIC INDICATORS – THE LATEST UPDATES
BOATING NEWS NET is a monthly economic report produced by NMMA, which features industry and general economic indicators that impact your business.
Key Report Highlights:
The first quarter GDP were downwardly revised to 1.9%, while consumer spending rose 2.7% in the first quarter, the largest gain since the fourth quarter of 2010. Corporate profits rose 0.6% in the first quarter and have increased 6.5% over the past four quarters.
(Source: Bureau of Economic Analysis)
Consumer confidence fell for the third consecutive month as short term outlooks and assessments of current conditions worsened. (Source: Conference Board) CEO confidence, however, improved from the previous quarter, as the majority of CEOs report current economic conditions are improving in the short term. (Source: The Conference Board)
The unemployment rate slightly increased to 8.2% in May. The private sector added 69,000 jobs in May and has been posting gains for 26 consecutive months. Manufacturing employment has been growing for eight consecutive months, adding 145,000 jobs year-to-date. (Source: Bureau of Labor Statistics)
Retail sales were unchanged in April, up 0.1% to $408B, following a strong increase in sales the previous month. (Source: U.S. Census Bureau)
Light vehicle sales totaled 1.3M in May, up 2% on a rolling 12 month basis compared to a year ago. (Source: Autodata Corp.)
Boat Manufacturers Economic Indicators
According to the NMMA’s New Powerboat Registrations Report, Info-Link, new powerboat registrations were down 2% in 2011, compared to a year ago. Advance estimates indicate sales of bellwether states will be up 9% on a rolling 12-month basis through April.
Recreational boat and marine engine export volumes were up 15% in the first quarter of 2012, while dollars were up 13% from a year ago. Corresponding import volumes were down 25% while dollars were up 21%. (Source: NMMA Export/Import Abstract)
Other Top Economic News:
Consumer Confidence Drops in May
Reprinted Courtesy Trade Only Today, May 29, 2012
The Conference Board Consumer Confidence Index fell in May for the second straight month. The index now stands at 64.9, down from 68.7 in April. The Expectations Index declined to 77.6, from 80.4, and the Present Situation Index decreased to 45.9 from 51.2 last month.
“Consumer confidence fell in May, following a slight decline in April,” Lynn Franco, director of economic indicators at The Conference Board, said in a statement.
“Consumers were less positive about current business and labor market conditions and they were more pessimistic about the short-term outlook. However, consumers were more upbeat about their income prospects, which should help sustain spending. Taken together, the retreat in the Present Situation Index and softening in consumer expectations suggest that the pace of economic growth in the months ahead may moderate.”
Consumers’ appraisal of present-day conditions deteriorated in May. Those who said business conditions are “bad” increased to 34.3 percent from 33.2 percent and those who said business conditions are “good” decreased to 13.6 percent from 15.5 percent.
Consumers’ appraisal of the job market also was less favorable. Those who said jobs are “hard to get” increased to 41 percent from 38.1 percent, and those who said jobs are “plentiful” decreased to 7.9 percent from 8.4 percent.
Consumers’ outlook for the labor market was also less positive. Those who expected more jobs in the months ahead decreased to 15.8 percent from 16.9 percent, and those who anticipated fewer jobs increased to 21 percent from 18.4 percent.
Unemployment Increases to 8.2 Percent
Reprinted Courtesy Trade Only Today, June 1, 2012
The number of jobless Americans changed little in May and the nation’s unemployment rate ticked up slightly to 8.2 percent, the Labor Department said today.
U.S. employers added just 69,000 jobs in May, the government said, and 12.7 million people remained unemployed. The job creation figure was the lowest in a year and the increase in the jobless rate was the first in 11 months.
Employment increased in health care, transportation and warehousing, and wholesale trade in May, but declined in construction, the government said. Employment was little changed in most other major industries.
The number of long-term unemployed (those jobless for 27 weeks and longer) rose from 5.1 million to 5.4 million in May. Those people accounted for 42.8 percent of the unemployed.
The number of people employed part time for economic reasons (sometimes referred to as involuntary part-time workers) edged up to 8.1 million during the month. Those people were working part time because their hours had been cut or because they were unable to find a full-time job.
In May, 2.4 million people were marginally attached to the labor force, up from 2.2 million a year earlier. Those people were not in the labor force, but they wanted and were available for work and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the four weeks preceding the survey.
Click here for the release from the Bureau of Labor Statistics, and click here for a USA Today story about the report.