International Business & Trade

LANSING, Mich. – This past Monday, Lt. Governor Garlin Gilchrist II joined the Michigan Economic Development Corporation (MEDC) at the Governor’s State of Small Business Summit, which brought together business support organizations, economic development partners, advocates, and lenders as part of a statewide effort to inform a comprehensive strategy for microenterprise and small business investment in Michigan.

Up 0.8% for the Month

• Final Demand Producer Price Index (PPI) rose 0.8% in May 2022 versus the month prior, a 10.7% year-over-year increase (seasonally adjusted)
• Core Final Demand Producer Prices, less Food & Energy, continued strong gains into May 2022, rising by 0.5% versus April
• Energy PPI bounced in May 2022, up by 5.0% for the month following oil prices higher
• Transportation & Warehousing Services prices maintained strong increases in May 2022, signaling continued price pressures from all aspects of supply chains.

Up 8.6% Year-Over-Year

• Consumer Prices (CPI) were up 8.6 percent in May 2022 in year-over-year terms (non-seasonally adjusted)
• Core CPI, excluding fuel and energy prices, posted a 6.0 percent year-over-year gain in May 2022, easing slightly from April (6.2 percent)
• Month-over-month growth accelerated in May 2022 for all major categories except Medical Care and Recreation
• CPI inflation for Energy, Food & Beverages, Housing and Transportation – i.e., consumer necessities – continued to lead price gains in May 2022

The State of Michigan was ranked this week as a top-ten employer for new graduates in Forbes’ “America’s Best Employers for New Graduates” list. The State of Michigan was ranked 8th out of the 300 total recognized organizations. The list is based on an independent survey of more than 20,000 young professionals in the U.S. from companies with at least 1,000 employees.

their highest number since mid-January

• Initial claims for unemployment insurance jumped 27,000 to 229,000 in the week ending June 4, and the 4-week moving average rose to 215,000.
• Continuing claims held steady at 1.306 million in the week ending May 28.    
• The insured unemployment rate held steady at a very low 0.9 percent in the week ending May 28.
• The labor market remains strong in the spring quarter but the rise in initial claims since early April is a cool breezing blowing at the hot labor market.

West Michigan’s largest intern event returns in person

9^th annual Intern Connect connects summer interns with businesses & community

(GRAND RAPIDS, MI)—Hello West Michigan, the regional talent attraction and retention organization behind West Michigan Intern Connect, is hosting a summer engagement series for local interns.

Trade Will Contribute to GDP Growth This Quarter

• The U.S. trade deficit narrowed in April to $87.1 billion from $107.7 billion in March, according to the Census Bureau.
• The goods deficit narrowed to $107.7 billion in April from $126.8 billion in March while the services surplus increased to $20.7 billion in April from $19.2 billion in March.
• Trade will contribute to GDP growth in the current quarter.

With Unemployment Rate Steady at 3.6%

• Job growth was a solid 390,000 in May. 

• The unemployment rate held steady at a low 3.6%, with a small increase in the labor force participation rate. 

• Average hourly earnings rose a solid 0.3% in May. 

• Job growth will continue in 2022, although the pace of gains will slow. Employment should return to its pre-pandemic level over the summer. 

• There is little risk of recession in 2022, but the risks are higher for 2023 and 2024 as the Federal Reserve continues to raise interest rates to slow inflation.