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PNC Chief Economist Gus Faucher: Slower But Still Solid Job Growth in April,

Michigan Business Network
May 3, 2024 1:00 PM

as Unemployment Rate Remains Historically Low

  • Job growth was slower but still solid in April at 175,000, with almost all of the growth coming from the private sector.
  • The unemployment rate rose slightly to 3.9% and has been below 4% for more than two years.
  • Wage growth slowed in April and was below 4% for the first time in more than three years.
  • The April jobs report supports fed funds rate cuts later this year.
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Senate Unanimously Passes Senator Peters’ Bipartisan Legislation

Michigan Business Network
May 2, 2024 4:00 PM

to Protect Burial Benefits for Military Families

WASHINGTON, DC – The U.S. Senate has unanimously passed U.S. Senator Gary Peters’ (MI) bipartisan legislation to ensure military families can continue to be laid to rest together in Department of Veterans Affairs (VA) national cemeteries.  

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PNC Senior Economic Advisor Stuart Hoffman: Initial Jobless Claims Remained at a Low 208K in Late-April and Continuing Claims Fell By 4K to 1.774 Million in Mid-April;

Michigan Business Network
May 2, 2024 1:00 PM

The Labor Market Remains Strong

  • Initial claims for unemployment insurance were unchanged at 208,000 in the week ending April 27. The four-week moving fell by 4,000 to 210,000.
  • Continuing claims were unchanged at 1.774 million in the week ending April 20 and the four-week moving average fell by 4,000 to 1.789 million.
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Lt. Governor Gilchrist II Honors Four Historic Preservation Projects Across Michigan

Michigan Business Network
May 2, 2024 12:00 PM

Annual Governor’s Awards recognizes historic preservation achievements in Michigan    

LANSING, Mich. -- Today, Lt. Governor Garlin Gilchrist II awarded four Michigan preservation projects for the Governor’s Awards for Historic Preservation during a ceremony hosted by the State Historic Preservation Office (SHPO). Communities represented by the projects include the Hiawatha National Forest region, Inkster, the Keweenaw Peninsula, and Ludington.  

“It’s an honor to recognize this group of outstanding historic preservation achievements,” said Lt. Gov. Garlin Gilchrist II. “Today’s honorees represent the rich diversity of our communities, our inclusive heritage and the welcoming culture that has long defined us in Michigan.

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SBAM | Small Business Survey:

Michigan Business Network
May 2, 2024 11:00 AM

Availability of labor, inflationary pressures, and potential unemployment insurance expansion could signal trouble ahead

Lansing, MI - Ask Michigan small business owners what is keeping them up at night, and you’re likely to get some variation of the same response - trying to find qualified people to hire.

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TechTown Detroit | Voting is LIVE for the Hatch Detroit Top 4 ✅

Michigan Business Network
May 1, 2024 5:00 PM

Vote for your favorite business!

Public voting for this year’s Top 4 finalists — Amarra Beauty Products/G.L.A.M. Body Scrubs, Harry Rich Clothier, Khana and Roller Skate Detroit — is NOW OPEN!

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Senate Unanimously Passes Senator Peters’ Bipartisan Legislation

Michigan Business Network
May 1, 2024 3:00 PM

to Maximize Federal Support for American Manufacturers and Workers 

WASHINGTON, DC – The U.S. Senate has unanimously passed U.S. Senator Gary Peters’ (MI) bipartisan legislation to help strengthen federal efforts to boost domestic manufacturing and support American workers.  

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PNC Senior Economist Kurt Rankin: ISM Manufacturing Pulled Back to 49.2

Michigan Business Network
May 1, 2024 1:00 PM

in April 2024

  • The ISM Manufacturing PMI retreated to 49.2 in April 2024, down from 50.3 in March
  • Manufacturing cost pressures continued to increase in April 2024, highest Commodity Prices result since June 2022 at 60.9
  • New Orders and Production gave back gains in April 2024 after solid jumps in the month prior
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AEG | Michigan EV Charging Station Infrastructure Strengthened in 2023, but Access Still Limited

Michigan Business Network
April 30, 2024 12:00 PM

EAST LANSING, Mich. – Anderson Economic Group (AEG) today released the results of their analysis on the state of the electric vehicle (EV) charging infrastructure in Michigan, finding that the number of charging stations around the state increased significantly in 2023. 

AEG found that, as of April 2, 2024, there are currently 311 public DC fast charging stations and 1,141 Level 2 charging stations across Michigan. In 2023, the number of public DC fast charging stations increased by 102, about 52%, over the total of the prior years where there were 196 charging stations. An additional 13 stations came online in early 2024.

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AEG | Economic Impact of 2024 Detroit NFL Draft to Exceed $165 Million

Michigan Business Network
April 30, 2024 9:00 AM

Day one of the NFL draft saw record attendance of more than 275,000 fans in downtown Detroit

EAST LANSING, Mich. – The net economic impact of the 2024 NFL draft in downtown Detroit is expected to exceed $165 million, according to updated analysis from economic consulting firm Anderson Economic Group, LLC following record attendance of more than 275,000 unique visitors in downtown Detroit over three days. 

AEG found that the draft will have a direct economic impact of $100,146,418 on Detroit, with an estimated $37,746,418 in total expenditures of attendees, after accounting for substitution.

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