Fully Reversing the Prior Week's Rise

• Initial claims for unemployment insurance fell by 20,000 to 192,000 in the week ending March 11.
• The four-week moving average of initial claims was unchanged at 197,000.
• Continuing claims fell by 29,000 to 1,684,000 in the week ending March 4.
• Both initial and continuing claims remain low by historical standards, but face headwinds in maintaining that standing.

and Core Price Gains Moderated to 0.2%

Michigan high school seniors are encouraged to submit 1-page essay by March 31; scholarship not determined by academic performance 

LANSING, Mich. — LAFCU is encouraging high school seniors across Michigan to submit a one-page, 500-word essay about the future of the workplace by March 31 as part of the credit union’s Write to Educate essay contest and a chance to win $20,000 in scholarships.

WASHINGTON, DC – Bipartisan legislation authored by U.S. Senator Gary Peters (MI) to extend federal programs that help support local fire departments across the country has advanced in the Senate. The bill would reauthorize the Federal Emergency Management Agency’s (FEMA) Staffing for Adequate Fire and Emergency Response (SAFER) grant program, the Assistance to Firefighters Grant (AFG) program, and the United States Fire Administration (USFA).

Huge January Increase Revised Even Higher

• Retail sales were down 0.4% in February, but the details were better. Sales growth was mixed across segments.
• January’s big increase was revised higher, and retail sales are up from late 2022. The very strong labor market is the primary driver of rising retail sales.
• Consumer spending is set to fall later this year as the U.S. economy enters recession.

According to PayNet small business insights, new loan volume was up at the start of 2023, but default rates and delinquency rates were also higher at the beginning of the year. Here are the facts from index readings in January 2023:

The failure of Silicon Valley Bank (SVB) Friday has been a major shock to life sciences companies and the whole ecosystem in Michigan and across the United States. As the second largest bank failure in U.S. history, we know a number of MichBio’s member companies are directly affected by this concerning situation. Since Friday, MichBio has been monitoring the situation and is in contact with state and federal policymakers.