Posting 51.4 in Second Consecutive Monthly Moderation
• The topline ISM Services PMI came in at 51.4 for March 2024.
• The Business Activity component of the ISM Services PMI remained solid at 57.4 as businesses continue to service current demand.
May 13: Great Lakes Bay Supplier Summit
Pure Michigan Business Connect (PMBC), and a regional economic development partnership group including Bay Future, Greater Gratiot Development, Great Lakes Bay Regional Alliance, Middle Michigan Development Corporation, Midland Business Alliance, and Saginaw Future, are partnering on an event connecting Michigan based suppliers to procurement opportunities with private and public purchasing organizations located in Mid-Michigan.
in February 2024
- The advance international goods trade deficit increased 1.5% in February 2024 from January, the third straight monthly increase.
- Both exports and imports rose on the month, and on a year-ago basis.
- Imports rose for most categories in February, both month-to-month and year-to-year.
as Inflation Slows
- Personal income rose 0.3% in February.
- After-tax income, adjusted for inflation, fell 0.1% in February.
- Nominal consumer spending rose 0.8% in February, the biggest increase since mid-2022. Adjusted for inflation consumer spending rose a solid 0.4% over the month.
Powell Said the Labor Market is Better Balanced Between Supply and Demand
- Initial claims for unemployment insurance edged down by 2,000 to 210,000 in the week ending March 23. The four-week moving average edged down by 1,000 to 211,000.
- Continuing claims rose by 24,000 to 1.807 million in the week ending March 16 and the four-week moving average rose by 4,000 to 1.803 million.
Huge Increase in GDI
- There was a modest upward revision to real GDP growth in the fourth quarter, to 3.4%.
- Corporate profits rose in the fourth quarter by the biggest amount in two years.
- Real gross domestic income increased by a huge 4.8% in the fourth quarter, after noticeably lagging GDP for the previous four quarters.
- The US economy will continue to expand throughout 2024.
NiFT Roundtable: Additive Manufacturing in the EV . Industry
Join NiFT and Automation Alley on the NiFT shop floor for a tour, roundtable session, and Q&A about additive manufacturing applications in the EV industry. Don’t miss this exclusive opportunity to learn from experts on how these two developing technologies intersect. The event is free, but registration is limited. Secure your spot at the roundtable today
Jeffrey Mosher welcomed Cathleen Edgerly, Executive Director of Downtown Lansing Inc. Lansing, MI.
LANSING, Mich. — Gov. Gretchen Whitmer and the Michigan Department of Labor and Economic Opportunity (LEO) today announced nine recipients of more than $6.1 million in State Apprenticeship Expansion 2023 Grant Program awards that will provide Michiganders with access to life-changing career opportunities through Registered Apprenticeships.
In Partnership With
