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MEDC | Gov. Whitmer’s State of Small Business Summit Underscores Continued Focus on Supporting Small Businesses Across Michigan

Michigan Business Network
June 14, 2022 3:00 PM

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.

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PNC Senior Economist Kurt Rankin: PPI Inflation Accelerated in May 2022,

Michigan Business Network
June 14, 2022 1:00 PM

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.
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PNC Senior Economist Kurt Rankin: CPI Inflation Accelerates in May 2022,

Michigan Business Network
June 10, 2022 1:00 PM

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
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MEDC | Michigan Business Report - Mid June 2022

Michigan Business Network
June 10, 2022 11:00 AM

Forbes: State of Michigan a Top-Ten Employer for New Graduates

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.

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PNC Senior Economic Advisor Stuart Hoffman: Initial Claims Jump by 27K to 229K in the Week Ending June 4,

Michigan Business Network
June 9, 2022 1:00 PM

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.
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Talent Recruitment Organization Hosts 9th Annual Intern Connect on June 15

Michigan Business Network
June 8, 2022 8:00 AM

West Michigan’s largest intern event returns in person

9th 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.

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MEDC | #MPC22 Recap

Michigan Business Network
June 7, 2022 2:00 PM

Thank You For Attending #MPC22

The MEDC team enjoyed seeing everyone who joined them at the Mackinac Policy Conference last week. They share a thank you for spending time with them at the MEDC Geranium Bar at Grand Hotel. From our conversations at the MEDC Meet Ups to exciting announcements from Ford and the World Economic Forum, they are feeling energized and inspired by Michigan’s future.

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PNC Senior Economist Abbey Omodunbi: U.S. Trade Balance Narrows in April From Record March;

Michigan Business Network
June 7, 2022 1:00 PM

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.
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Last Days to Get Your Opinion in for MFBI Spring 2022

Michigan Business Network
June 7, 2022 9:00 AM

Michigan small businesses, let your voices be heard!

Chris Holman welcomes back Paul King, President of ROI Insight, Grosse Pointe, MI. Paul has conducted the Michigan Future Business index survey on behalf of Michigan Business Network twice a year since 2011, across three companies.
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PNC Chief Economist Gus Faucher: Another Solid Month of Job Gains in May,

Michigan Business Network
June 6, 2022 1:00 PM

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.

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