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What's New in the Blog

PNC Chief Economist Gus Faucher: Small Decline in Real GDP in Second Quarter,

Michigan Business Network
July 29, 2022 11:00 AM

But Economy Is Not in Recession

  • Real GDP declined 0.9% at an annualized rate in the second quarter, following a 1.6% decline in the first quarter.
  • The U.S. economy does not meet the NBER definition of recession in mid-2022.
  • Consumer spending continued to rise in the second quarter. It was offset by declines in inventories, housing investment, government spending, and business investment.
  • Inflation remained high in the second quarter, with the GDP price index up 8.2% annualized. The personal consumption expenditures price index increased 7.1%, with the core PCE price index up 4.4%.
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MEDC | Grants Awarded to 23 Small Manufacturers Throughout Michigan to Help Adopt Industry 4.0 Technologies

Michigan Business Network
July 29, 2022 9:00 AM

MEDC’s Industry 4.0 Technology Implementation Grant program provides companies with 50 percent reimbursement for qualifying I4.0 technology implementation costs

LANSING, Mich. – Twenty-three small manufacturers around Michigan have been awarded a total of nearly $500,000 to help them adopt Industry 4.0 technologies, the Michigan Economic Development Corporation announced Wednesday. The funds are from the first round of awards as part of the $3 million Industry 4.0 Technology Implementation Grant program.

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PNC Chief Economist Gus Faucher: FOMC Raises Fed Funds Rate by 75 Basis Points,

Michigan Business Network
July 28, 2022 1:00 PM

Indicates Further Rate Hikes Coming

  • As expected, the FOMC raised the fed funds rate by 75 basis points.
  • The statement reiterated the FOMC’s commitment to achieving its 2% inflation objective.
  • The statement noted slowing growth, but also cited the strong labor market. There was no mention of a potential recession.
  • PNC expects the FOMC to continue raising the fed funds rate through the rest of this year, including an increase of 50 basis points at the committee’s next meeting, in mid-September.
  • Market reaction was muted, given that today’s move was widely expected.
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PNC Senior Economist Abbey Omodunbi: Goods Trade Deficit Narrows in June;

Michigan Business Network
July 27, 2022 1:00 PM

Trade Likely Added to GDP Growth in Q2

  • The goods trade deficit narrowed in June to $98.2 billion, the smallest deficit this year, from $104.0 billion in May, according to the advance estimate from the U.S. Department of Commerce.
  • The value of nominal goods exports rose 2.5% on a month-over-month basis while nominal goods imports fell 0.5%.
  • Trade likely contributed to GDP growth in the second quarter.
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Automation Alley | Trending Industry 4.0 News

Michigan Business Network
July 26, 2022 3:00 PM

Top Skills That Transcend Industries

Summary

The rapid pace of technological change is impacting the employment landscape. As Industry 4.0 takes shape, advanced robotics, immersive technologies, smart manufacturing, and artificial intelligence are becoming staples in the working world. If you want to keep up with the changes that technology brings to the job market, these are the skills that you should have in your back pocket.


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Ford Releases New Battery Capacity Plan, Raw Materials Details to Scale EVS; on Track to Ramp to 600K Run Rate by ’23

Michigan Business Network
July 25, 2022 4:00 PM

AND 2M+ BY ’26, LEVERAGING GLOBAL RELATIONSHIPS

  • Ford has added battery chemistries and secured contracts delivering 60 gigawatt hours (GWh) of annual battery capacity to deliver global 600,000 EV run rate by late 2023
  • Lithium iron phosphate battery packs coming for Mustang Mach-Es sold in North America next year and F-150 Lightnings in early 2024, creating more capacity for high-demand products
  • Ford already has sourced 70% of battery capacity to support 2 million+ annual EV global run rate by 2026; plans to localize 40 GWh per year of lithium iron phosphate capacity in N.A. in 2026; new deal with CATL on strategic cooperation for global battery supply; and direct-sourcing battery raw materials in U.S., Australia, Indonesia – and more
  • Company expects compound annual growth rate for EVs to top 90% through 2026; more than double forecasted global industry EV growth
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PNC Senior Economist Kurt Rankin: Existing Home Sales Fall for a Fifth Straight Month

Michigan Business Network
July 21, 2022 4:00 PM

into June 2022

  • Existing Home Sales fell by 5.4% to 5.12 million units (annualized) in June 2022 versus the month prior

  • The inventory of unsold Existing Homes improved to 1.26 million units in June 2022, from 1.20 million in May
  • Median Existing Home prices continued a strong pace of growth at 13.4% year-over-year
  • Distressed home sales – including foreclosures and short sales – as a share of total are virtually unchanged over the year since June 2021
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PNC Senior Economic Advisor Stuart Hoffman: The Recent Rise in Initial U Claims is a Clear Sign that Layoffs are Happening

Michigan Business Network
July 21, 2022 1:00 PM

at a Growing Number of Companies

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Automation Alley | This Week in Industry 4.0 Thought Leadership

Michigan Business Network
July 20, 2022 7:00 AM

2022 Report launches with focus on Software Transformation: The Heart of Industry 4.0

With insights from our growing manufacturing and technology ecosystem, the 2022 Report is a comprehensive, collaborative effort—filled with emerging trends, challenges and opportunities, expert interviews, and cases studies from industry leaders—that will arm you with all the knowledge you need to help guide your business into the future. 


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LEO | New Heat Illness Prevention State Emphasis Program to Help Protect Workers

Michigan Business Network
July 19, 2022 3:00 PM

 from Indoor and Outdoor Heat-related Hazards Introduced by MIOSHA

LANSING, Mich. —  The Michigan Occupational Safety and Health Administration (MIOSHA) has introduced a State Emphasis Program to help identify and reduce exposures to indoor and outdoor heat-related hazards in the workplace.

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