Boat industry proving resilient in face of economic headwinds
Despite unemployment at a 50-year low, rising wages and the longest economic expansion on record, economists gathered for the profession’s annual meeting sounding warnings about the US economy.
“There was little celebration of President Trump’s economic policies,” the New York Times reports. The President’s trade war and budget deficits, along with what many voiced concerns about is “the inability of central banks to fully combat another recession,” has created a sense of foreboding further fueled by “a widespread sentiment that the current expansion is built on a potentially shaky combination of high deficits and low interest rates – and when it ends, as it is bound to do eventually, it could do so painfully.”
According to the New York Times, World Bank economists echoed those concerns on Wednesday, calling the worldwide expansion “fragile” in their latest “Global Economic Prospects” report, which predicts slight growth in 2020. But it said “downside risks predominate,” including the potential escalation of trade fights, sharp slowdowns in the United States and other wealthy countries and financial disruptions in emerging markets like China and India.
Despite the gloomier outlook of some economists about the wider US economy, 2019 was the second highest year for US boat sales in more than a decade according the National Marine Manufacturers Association (NMMA), and earlier this week the trade group predicted 2020 sales could jump as much as two percent.