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PNC Senior Economic Advisor Stuart Hoffman: Industrial Output Rose by 0.1% and Manufacturing Output Rose by 0.8% in February;

Michigan Business Network
March 15, 2024 1:00 PM

Both Failed to Reverse Much Bigger Declines in January

  • Industrial production rose by a scant 0.1% in February, with manufacturing output up by 0.8%, both failing to fully reverse much bigger declines in January.
  • Industrial output has been declining for more than a year due to higher interest rates and softening demand.
  • Industrial production is set to decline modestly further this year.
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PNC Chief Economist Gus Faucher: Retail Sales Partially Recover in February;

Michigan Business Network
March 14, 2024 3:00 PM

Big Increase in PPI

  • Retail sales rose 0.6% in February, making up about one-half of January’s decline; January sales were revised lower.
  • Sales excluding food and energy rose a solid 0.3%.
  • Consumer spending will continue to increase throughout 2024, although at a slower pace than last year.
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PNC Senior Economic Advisor Stuart Hoffman: Initial Jobless Claims Fell by 1K in Mid-March;

Michigan Business Network
March 14, 2024 12:00 PM

Continuing Claims Rose by 17K in Early March

  • Initial claims for unemployment insurance edged down by 1,000 to 209,000 in the week ending March 9. The four-week moving average also declined by 1,000 to 208,000.
  • Continuing claims rose by 17,000 to 1.811 million in the week ending March 2 and the four-week moving average rose by 2,000 to 1.799 million.
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ICYMI: Automation Alley | Employee Attraction & Retention with Industry 4.0 & More News

Michigan Business Network
March 13, 2024 6:15 AM

INTEGR8 2024 WORKFORCE PLAYBOOK

Expand Your Employee Attraction, Preparation, and Retention Efforts by Leveraging Industry 4.0 Technologies

Workforce Article by John Walsh, Michigan Manufacturers Association

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Automation Alley | Employee Attraction & Retention with Industry 4.0 & More News

Michigan Business Network
March 12, 2024 5:00 PM

INTEGR8 2024 WORKFORCE PLAYBOOK

Expand Your Employee Attraction, Preparation, and Retention Efforts by Leveraging Industry 4.0 Technologies

Workforce Article by John Walsh, Michigan Manufacturers Association

Read More

PNC Senior Economist Kurt Rankin: CPI Inflation Accelerated Further in February 2024,

Michigan Business Network
March 12, 2024 1:00 PM

Up 0.4% for the Month

  • Topline CPI grew at a 0.4% pace in February 2022 versus the month prior in seasonally adjusted terms.
  • Core CPI, less Food & Energy, also posted a 0.4% monthly gain in February 2024.
  • Energy prices spiked in February 2024, posting their first monthly gain since September 2023.
  • Services less Rent of Shelter continued its new year push with a second consecutive +0.6% monthly gain in February 2024.
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ICYMI: Ultium Cells Lansing Surpasses 2 Million Construction Build Hours

Michigan Business Network
March 12, 2024 8:00 AM

  • Commitment to safety and continuous innovation as the plant progresses toward completion and is on pace for the start of production in early 2025.

  • Momentum builds as the team ramps up new employee hiring as part of its effort to create over 1,700 new high-tech jobs in Lansing, Michigan.

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Ultium Cells Lansing Surpasses 2 Million Construction Build Hours

Michigan Business Network
March 11, 2024 3:00 PM

  • Commitment to safety and continuous innovation as the plant progresses toward completion and is on pace for the start of production in early 2025.

  • Momentum builds as the team ramps up new employee hiring as part of its effort to create over 1,700 new high-tech jobs in Lansing, Michigan.

Read More

ICYMI: PNC Chief Economist Gus Faucher: Job Growth Runs Hot Again in February;

Michigan Business Network
March 11, 2024 1:00 PM

Small Increase in Wages Is Good News for Inflation

  • Job growth was 275,000 in February, above expectations, but there were large downward revisions to job growth in the previous two months.
  • The unemployment rate rose to 3.9%, with the labor force participation rate steady at 62.5%.
  • Average hourly earnings were up just 0.1% in February, and growth softened on a year-over-year basis; easing wage growth will help slow inflation.
  • The solid jobs report supports PNC’s forecast for a soft landing in the U.S. economy this year, with fed funds rate cuts in starting in the second quarter.
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ICYMI: Michigan Business Beat | Scott Hiipakka, Michigan Israel Business Accelerator, A Transformative Year

Michigan Business Beat
March 11, 2024 8:00 AM

Chris Holman welcomes back Scott Hiipakka, CEO, Michigan Israel Business Accelerator, Southfield, MI.

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