a Drag on Consumer Incomes and Spending

• The PCE price index rose 0.6% in May, with core prices up 0.3%. Both overall and core PCE inflation remained well above the Federal Reserve’s 2% objective on a year-over-year basis.
• Nominal after-tax income rose 0.5% in May, but after adjusting for inflation after-tax income was down 0.1%.
• Nominal consumer spending rose 0.2%, with real spending down 0.4%. High inflation is weighing on households.
• The outlook for consumer spending has turned less positive, but it should continue to increase through the rest of this year and in 2023. Growth will shift from goods to services.
• The baseline outlook is for continued economic growth, but recession risks are elevated.
• Inflation remains high, but has likely peaked.

Join the Great Lakes St. Lawrence Governors and Premiers multi-sector trade mission to Costa Rica and the Dominican Republic. Attendees will benefit from customized B2B meetings to meet with prospective customers and business partners, which is critical to establishing business relationships in the region. Space is limited, apply today. Registration deadline is August 1.

U rate dips back to 0.9%.

Initial claims for unemployment insurance fell by 2,000 to 231,000 in the week ending June 25 from an upward revised 233,000 in the week ending June 18. The four-week moving average of initial claims, which smooths out some of the volatility, moved up 7,000 to 232,000 in the week ending June 25. It hit a low of 172K in early April.  The insured unemployment rate dipped to a very low 0.9 percent in the week ending June 18 from an upward revised 1.0 percent in the prior week.

Sorensen Gross Company announces the relocation of its headquarters office to the Plaza One Building in downtown Flint, joining an existing satellite office and paving the way for future company growth.

The move, which occurred in stages, was largely completed by June 8. Sorensen Gross now occupies three suites on the first floor of the building and has 40 employees based at the location.

$50,000 goal to win matching grant through MEDC’s Public Spaces Community Places initiative

for setting up and running a business.

TMF Group, a leading provider of compliance and administrative services, has today launched the ninth edition of its Global Business Complexity Index (GBCI)

The comprehensive report analyses 77 jurisdictions, locations that account for 92% of the world’s total GDP and 95% of net global FDI flows. It compares 292 annually tracked indicators, offering data on key aspects of doing business, including rules, regulations, tax rates, incorporation timelines, payroll and benefits, penalties, and other compliance factors.

Here's a digest of current business news and topics from Western Michigan: