The State Department has made a determination approving a possible Foreign Military Sale to the Government of the Netherlands of PATRIOT M903 Launching Stations New Buy and Upgrades and related equipment for an estimated cost of $224 million.
The Defense Security Cooperation Agency delivered the required certification notifying Congress of this possible sale today. Aug 29, 2024
The Netherlands - PATRIOT M903 Launching Stations New Buy and Upgrades
The Government of the Netherlands has requested to buy two (2) new production PATRIOT M903 launching stations (LS) and equipment and services to upgrade existing M901 LS to the M903 LS configuration.
The following non-MDE is also included: LS modification kits; PATRIOT Advanced Capability-3 (PAC-3) Missile Segment Enhancement (MSE) launcher conversion kits; LS heater controllers; shorting plug kits; PATRIOT automated logistics system kits; concurrent spare parts; U.S. Government and contractor engineering, technical, logistics, and fielding support services; and other related elements of logistics and program support.
The estimated total cost is $224 million.
This proposed sale will support the foreign policy goals and national security objectives of the United States by improving the security of a NATO Ally that is a force for political stability and economic progress in Europe.
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The proposed sale will improve the Netherlands’ missile defense capability to meet current and future enemy threats. The Netherlands will use the enhanced capability to strengthen its homeland defense, deter regional threats, and provide direct support to coalition and security cooperation efforts. The Netherlands will have no difficulty absorbing this equipment into its armed forces.
The proposed sale of this equipment and support will not alter the basic military balance in the region.
The principal contractors are Lockheed-Martin Missiles and Fire Control, located in Grand Prairie, TX, and RTX Corporation, located in Arlington, VA. The purchaser typically requests offsets. Any offset agreement will be defined in negotiations between the purchaser and the contractor(s).
Implementation of this proposed sale will not require the assignment of any additional U.S. Government or contractor representatives to the Netherlands.
There will be no adverse impact on U.S. defense readiness as a result of this proposed sale.
The description and dollar value are for the highest estimated quantity and dollar value. Actual dollar value will be lower depending on final requirements, budget authority, and signed sales agreement(s), if and when concluded.
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The Netherlands – PATRIOT M903 Launching Stations New Buy and Upgrades
The State Department has made a determination approving a posible Foreign Military Sale to the Government of the Netherlands of PATRIOT M903 Launching Stations New Buy and Upgrades and related equipme...
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Note: This report was prepared at the Federal Reserve Bank of Cleveland based on information collected on or before August 26, 2024. This document summarizes comments received from contacts outside the Federal Reserve System and is not a commentary on the views of Federal Reserve officials.
Fed Beige Book Shows Flat or Declining Economy in 9 of 12 Fed Districts
The Beige Book is a summary of current economic conditions by the 12 Federal Reserve Districts. The report is produced ahead of FOMC meetings. The Fed’s next monetary policy meeting is on September 18.
Economic activity grew slightly in three Districts, while the number of Districts that reported flat or declining activity rose from five in the prior period to nine in the current period.
Employment levels were steady overall, though there were isolated reports that firms filled only necessary positions, reduced hours and shifts, or lowered overall employment levels through attrition. Still, reports of layoffs remained rare.
On balance, wage growth was modest, while increases in nonlabor input costs and selling prices ranged from slight to moderate.
Consumer spending ticked down in most Districts, having generally held steady during the prior reporting period.
Labor Markets
Employment levels were generally flat to up slightly in recent weeks. Five Districts saw slight or modest increases in overall headcounts
A few districts reported that firms reduced shifts and hours, left advertised positions unfilled, or reduced headcounts through attrition—though accounts of layoffs remained rare.
Employers were more selective with their hires and less likely to expand their workforces, citing concerns about demand and an uncertain economic outlook.
Candidates faced increasing difficulties and longer times to secure a job.
As competition for workers has eased and staff turnover has fallen, firms felt less pressure to increase wages and salaries. On balance, wages rose at a modest pace, in line with the slowing trend described in recent reports.
Skilled tradespeople and other workers with specialized skills remained in short supply and continued to see stronger wage increases, as did those in unions
By District
Increased Modestly: Boston and Dallas
Increased Slightly: Chicago
Flat, Unchanged, Stable: New York, Kansas City, San Francisco, St. Louis
The labor market softens again. Job openings drop and quits are below the pre-Covid level.
The Fed does not meet in October so there will not be a Beige Book report next month. I am confident, unfortunately, that the majority of districts will be in contraction by then. Recession may be obvious.
Please pay particular attention to the August 20 post. The addition of a second indicator creates a signal with no false negatives or false positives since 1953! 100 percent of the time since then, the economy has been in recession with the current conditions.
I will provide an update on Friday.
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National Summary
Overall Economic Activity
Economic activity grew slightly in three Districts, while the number of Districts that reported flat or declining activity rose from five in the prior period to nine in the current period. Employment levels were steady overall, though there were isolated reports that firms filled only necessary positions, reduced hours and shifts, or lowered overall employment levels through attrition. Still, reports of layoffs remained rare. On balance, wage growth was modest, while increases in nonlabor input costs and selling prices ranged from slight to moderate. Consumer spending ticked down in most Districts, having generally held steady during the prior reporting period. Auto sales continued to vary by District, with some noting increases in sales and others reporting slowing sales because of elevated interest rates and high vehicle prices. Manufacturing activity declined in most Districts, and two Districts noted that these declines were part of ongoing contractions in the sector. Residential construction and real estate activity were mixed, though most Districts' reports indicated softer home sales. Likewise, reports on commercial construction and real estate activity were mixed. District contacts generally expected economic activity to remain stable or to improve somewhat in the coming months, though contacts in three Districts anticipated slight declines.
Labor Markets
Employment levels were generally flat to up slightly in recent weeks. Five Districts saw slight or modest increases in overall headcounts, but a few Districts reported that firms reduced shifts and hours, left advertised positions unfilled, or reduced headcounts through attrition—though accounts of layoffs remained rare. Employers were more selective with their hires and less likely to expand their workforces, citing concerns about demand and an uncertain economic outlook. Accordingly, candidates faced increasing difficulties and longer times to secure a job. As competition for workers has eased and staff turnover has fallen, firms felt less pressure to increase wages and salaries. On balance, wages rose at a modest pace, in line with the slowing trend described in recent reports. Skilled tradespeople and other workers with specialized skills remained in short supply and continued to see stronger wage increases, as did those in unions.
Prices
On balance, prices increased modestly in the most recent reporting period. However, three Districts reported only slight increases in selling prices. Nonlabor input cost increases were largely described as modest to moderate and as generally easing, though one District described input cost increases as ticking up. A number of Districts observed that both freight and insurance costs continued to increase. By contrast, some Districts noted that cost pressures moderated for food, lumber, and concrete. Looking ahead, contacts generally expected price and cost pressures to stabilize or ease further in the coming months.
Highlights by Federal Reserve District
Boston
Economic activity increased modestly, but results varied widely. Residential real estate led recent activity, with strong increases in single-family home sales. Consumers' increased budget consciousness showed up in slightly softer retail and restaurant sales, and retailers perceived pressure to lower their prices. Job creation slowed. The outlook was mixed between optimism and increased caution.
New York
On balance, regional economic activity remained flat. Labor market conditions continued to moderate, with ongoing cooling in labor demand and increased worker availability. Consumer spending was unchanged. Housing markets remained solid, with home prices edging up. Selling price increases remained modest.
Philadelphia
Business activity declined slightly in the current Beige Book period after rising slightly last period. Employment appeared to decline slightly, while consumer spending fell modestly. Nonmanufacturing activity held steady. Wage growth continued at a modest pace, as did reported rises in input costs and prices. Expectations for future growth remained slightly positive overall—growing more widespread for manufacturers but waning for others.
Cleveland
District business activity declined slightly in recent weeks, though contacts expected activity to increase slightly in the near term. Demand for manufactured goods softened further, and consumer spending declined moderately. Employment levels were stable to slightly up. On balance, wages and nonlabor costs increased modestly, while selling prices grew slightly.
Richmond
The regional economy contracted slightly this cycle after increasing slightly last period. Consumers pulled back on spending on goods and services, including travel and vehicles and other big-ticket items. Manufacturing activity also declined slightly while nonfinancial services firms reported flat demand in recent weeks. Employment continued to grow at a mild pace amid modest wage growth. Year-over-year price growth remained somewhat elevated.
Atlanta
Economic activity in the Sixth District declined slightly. Employment increased modestly and wages grew slowly. Prices grew modestly, and pricing power lessened. Consumer spending declined. Leisure travel slowed, but business travel improved. Housing activity declined. Demand for transportation services weakened. Loan volumes increased. Manufacturing activity fell. Energy activity expanded.
Chicago
Economic activity increased slightly. Employment and business spending rose slightly; manufacturing activity and consumer spending were flat; nonbusiness contacts saw little change in activity; and construction and real estate activity edged down. Prices were up modestly, wages rose moderately, and financial conditions were little changed. Prospects for 2024 farm income declined some.
St. Louis
Economic activity has remained unchanged since our previous report. Contacts reported weakening of household finances and overall lower demand. Employment has been stable and wage growth continued to moderate back toward longer-run trends. Prices to consumers have increased modestly, production costs have increased and are expected to be more persistent. The economic outlook has remained slightly pessimistic since our previous report.
Minneapolis
District economic activity fell slightly. Employment was flat and hiring softened, while wage growth was moderate. Price pressures eased as overall prices increased slightly but at a slower pace. Consumer spending was slightly lower, but tourism held up and vehicle sales increased. Manufacturing and construction activity declined. Agricultural conditions remained weak.
Kansas City
Economic activity in the Tenth District remained stable. Many contacts indicated they recently reduced hiring activity relative to their plans at the beginning of the year. Contacts reported particular weakness in demand for entry-level work. In housing markets, both brokers and homebuilders indicated activity is poised to rise if borrowing costs decline even slightly.
Dallas
The Eleventh District economy expanded modestly over the reporting period. Employment was stable, and wage growth remained moderate. Selling price growth continued below average in the service sector but was more typical in manufacturing. Outlooks were somewhat mixed, though most businesses expect demand to stay the same or increase over the next six months.
San Francisco
Economic activity remained stable, employment levels and prices rose slightly. Wages grew modestly, while retail sales were stable. Activity in consumer services and manufacturing ticked down a bit. Conditions in the agriculture, residential, and commercial real estate markets continued to soften slightly. Activity in the financial services sector remained muted.
