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PNC Chief Economist Gus Faucher: Modest Growth in Personal Income and Consumer Spending in June,

Michigan Business Network
July 26, 2024 5:00 PM

As Inflation Continues to Ease

  • Nominal personal income rose 0.2% in June, with after-tax income also up 0.2%. 
  • Nominal consumer spending rose 0.3% over the month. 
  • The PCE price index rose 0.1%, with core PCE inflation at 0.2%. Inflation is easing in mid-2024.
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Lt. Governor Gilchrist II Concludes Europe Investment Mission to Grow Michigan’s Defense and Aerospace Prowess

Michigan Business Network
July 26, 2024 3:00 PM

LANSING, Mich. — Lt. Governor Gilchrist II concluded his investment mission to Europe this week, meeting with public and private sector leaders in England and the Netherlands. During the mission, the lieutenant governor focused on expanding on Michigan’s rich leadership in the aerospace and defense industry to bring critical jobs and supply chains home to Michigan. 

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PNC Chief Economist Gus Faucher: Durable Goods Orders Fell Sharply in June,

Michigan Business Network
July 26, 2024 1:00 PM

Pulled Lower by Transportation

  • New orders for durable fell almost 7% in June, the biggest one-month drop since the pandemic.
  • A cancellation in aircraft orders was behind the drop, and there was a 1% increase in core capital goods orders.
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Gov. Whitmer Signs Bills to Keep Communities Safe, Protect Michigan Families and Neighborhoods

Michigan Business Network
July 26, 2024 10:00 AM

Commonsense legislation bolsters public safety, ensures Michiganders are better protected from car theft, discriminatory acts of violence, and fire-related risks   

LANSING, Mich. – Governor Whitmer signed four bills this week to protect drivers from automobile theft, close loopholes that led to violence against LGBTQ+ Michiganders, and update standards for smoke alarms, making Michigan communities safer, stronger, and more inclusive places to live and work. 

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PNC Chief Economist Gus Faucher: Strong Real GDP Growth of 2.8% in Second Quarter

Michigan Business Network
July 25, 2024 1:00 PM

Even as Inflation Slows

  • Real GDP increased 2.8% in the second quarter, better than in the first quarter and a solid number. 
  • Inflation slowed in the second quarter, although it remains above the Federal Reserve’s 2% target. The FOMC is set to cut the fed funds rate in September.
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DTMB | Regional Michigan Unemployment Rates Advance in June

Michigan Business Network
July 25, 2024 11:00 AM

LANSING, Mich. – Not seasonally adjusted jobless rates rose in all 17 Michigan labor market areas over the month, according to data released today by the Michigan Department of Technology, Management & Budget.

“Michigan regions experienced typical jobless rate gains during June,” said Wayne Rourke, labor market information director for the Michigan Center for Data and Analytics.

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PNC Economist Ershang Liang: Existing Home Sales Fell in All Four Regions in June;

Michigan Business Network
July 24, 2024 1:00 PM

Sales Were Also Down From Past Year

  • Existing home sales fell in June, both month-over-month and year-over year.
  • Both existing single-family and condo and co-op sales dropped on the month and on a year-ago basis.
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Citizens Research Council Honored for 2nd Consecutive Year

Michigan Business Network
July 24, 2024 11:00 AM

2023 Research “Michigan’s Path to a Prosperous Future” Awarded “Most Effective Education” by National Peer Organization

Citizens Research Council Honored for 2nd Consecutive Year

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Gov. Whitmer Announces $129.1 Million Investment from the Administration to Lower Costs, Create Jobs, Protect Clean Air and Water

Michigan Business Network
July 24, 2024 7:00 AM

New Renewables Ready Communities Program will help Michigan build out more wind, solar, clean energy projects faster to meet climate goals, make more American energy using American workers  

LANSING, Mich. – Monday, Governor Gretchen Whitmer announced the U.S. Environmental Protection Agency (EPA) has awarded the State of Michigan $129.1 million from the Biden-Harris administration’s Inflation Reduction Act’s (IRA) Climate Pollution Reduction Grant (CPRG) program to accelerate the deployment of renewable energy like wind, solar, and storage.

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Gov. Whitmer Announces New $50M Federal Michigan Maritime Manufacturing (M3) Initiative

Michigan Business Network
July 23, 2024 8:00 AM

New jobs programs and pipelines to get Michiganders into needed manufacturing jobs    

MACOMB COUNTY, Mich. -- Monday, Governor Gretchen Whitmer joined Secretary of the Navy Carlos Del Toro, the U.S. Department of Defense, and the U.S. Department of Labor to officially launch the Michigan Maritime Manufacturing (M3) Initiative, a more than $50 million partnership aimed at building a workforce ready to lead the future of defense manufacturing.

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