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What's New in the Blog

PNC Senior Economist Kurt Rankin: PPI Inflation Down 0.5% for July 2022,

Michigan Business Network
August 12, 2022 1:00 PM

Following Energy Costs Lower
  • The Final Demand Producer Price Index (PPI) fell by 0.5% in July 2022 versus June
  • PPI for Goods production fell sharply, down 1.8% for July 2022 over the month prior
  • Energy PPI gave back all of the spike in prices seen in June and more, down 9.0% for July 2022
  • Core PPI, excluding Food & Energy moderated to a 0.2% gain in July 2022, its slowest gain since September 2021
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GLBEC Congratulates SVSU Board on Their Selection for SVSU's 5th President

Michigan Business Network
August 12, 2022 10:00 AM

SVSU Board selects George Grant to serve as 5th president.

Grant is the current chancellor at Penn State University-Berks, prior dean at Grand Valley State.

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Detroit Regional Partnership | 50 New Jobs as Niagara Bottling Establishing New Operations in Shelby Township

Michigan Business Network
August 11, 2022 4:00 PM

The Detroit Regional Partnership were joined by  Governor Gretchen Whitmer, and the Michigan Economic Development Corporation (MEDC) last Thursday to announce that beverage manufacturer Niagara Bottling is establishing a new facility in Shelby Township with support from the Michigan Strategic Fund.

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PNC Senior Economic Advisor Stuart Hoffman: Unemployment Rate is Close to a Low at 3.5 Percent,

Michigan Business Network
August 11, 2022 1:00 PM

Matching its Pre-Pandemic Low Point

Initial claims for unemployment insurance rose by 14,000 to 262,000 in the week ending August 6 from a downward revised 248,000 in the week ending July 30. The four-week moving average of initial claims, which smooths out some of the volatility, moved up 5,000 to 252,000 in the week ending August 6 from a downward revised 247,000 in the previous week. It hit a low of 172K in early April. The insured unemployment rate held steady at a very low 1.0 percent in the week ending July 30. 

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The Right Place Announces Hiring of SVP of Biz Dev

Michigan Business Network
August 10, 2022 5:00 PM

Rob Llanes hired on to lead The Right Place’s Prosperity team, will focus on business retention, expansion, and attraction in the Greater Grand Rapids region

GRAND RAPIDS, MICH (Aug. 10, 2022):  This month The Right Place Inc. welcomed Rob Llanes to the team as their new Senior Vice President of Business Development.

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PNC Senior Economist Kurt Rankin: CPI Inflation Down 0.01% for the Month,

Michigan Business Network
August 10, 2022 1:00 PM

Still Up 8.5% year-over-year

  • Consumer Prices (CPI) declined slightly in July 2022, down 0.01% month-over-month on falling energy prices
  • Core CPI, excluding food and energy prices, posted a 5.9% year-over-year gain in July 2022 (seasonally adjusted), matching the June 2022 result
  • Energy prices fell sharply, down 4.6% in July 2022 versus June, Gasoline prices down 7.7% for the month
  • Food & Beverages continued to lead inflationary pressures on households, rising 1.1% for July 2022 over the prior month
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MEDC | Governor Whitmer Announces 85 High-Wage Jobs as Leading Precision Components Manufacturer Expanding in Southwest Michigan

Michigan Business Network
August 10, 2022 7:00 AM

LANSING, Mich. – Friday, Governor Gretchen Whitmer joined the Michigan Economic Development Corporation (MEDC) to announce that precision components manufacturer C&S Machine Products is expanding its operations in Bertrand Township in Berrien County with support from the Michigan Strategic Fund. 

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LEO | Governor Whitmer Announces Partnership with Google to Offer Free Job Training for Michiganders

Michigan Business Network
August 9, 2022 5:00 PM

LANSING, Mich. — Friday, Governor Gretchen Whitmer joined the Michigan Department of Labor and Economic Opportunity (LEO) in announcing a new partnership with Google to connect 500 local job seekers with no-cost access to Google Career Certificates training to help Michiganders land good-paying, high-demand jobs in growing fields.

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Gov. Whitmer Announces 50 New Jobs as Niagara Bottling Establishing New Operations in Shelby Township

Michigan Business Network
August 9, 2022 8:00 AM

LANSING, Mich. – Governor Gretchen Whitmer joined the Michigan Economic Development Corporation (MEDC) Thursday to announce that beverage manufacturer Niagara Bottling is establishing a new facility in Shelby Township with support from the Michigan Strategic Fund. 

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PNC Chief Economist Gus Faucher: Huge July Jobs Increase as Employment Back to Pre-Pandemic Level;

Michigan Business Network
August 8, 2022 1:00 PM

Decline in Unemployment Rate to Lowest Rate in More Than 5 Decades Complicates Fed's Task

  • The U.S. economy added a very strong 528,000 jobs in July, far above consensus expectations, with upward revisions to job growth in May and June as well. 
  • U.S. employment is now above its pre-pandemic level. 
  • The unemployment rate fell to 3.5% in July, matching the lowest rate since 1969. 
  • The labor force contracted in July; the job market is extremely tight right now. The tight labor market pushed up average hourly earnings by 0.5% over the month. 
  • The strong jobs report could push the Federal Reserve to raise interest rates more aggressively. 
  • Market reaction was negative on concerns of more Fed tightening, with interest rates up and stocks down.
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