The Detroit Regional Chamber's annual Mackinac Policy Conference.

Chris Holman speaks with Dan Wyant, Chairman and President, Edward Lowe Foundation, from Media Row, at the Grand Hotel, while at the 2024 Mackinac Policy Conference.

The Detroit Regional Chamber's annual Mackinac Policy Conference.

Chris Holman speaks with  Dr. Stephen Rapundalo, President and CEO, MICH Bio, from Media Row, at the Grand Hotel, while at the 2024 Mackinac Policy Conference.

The Detroit Regional Chamber's annual Mackinac Policy Conference.

Chris Holman speaks with Elizabeth Bernhard, Executive Director, Manufacturing Growth Alliance, from Media Row, at the Grand Hotel, while at the 2024 Mackinac Policy Conference.

Trade a Drag on Q2 GDP Growth

• The U.S. goods and services trade deficit increased in May both on the month and over the past year. 

• The goods deficit increased as goods exports fell more than imports.

in Both Business Activity and New Orders

• The topline ISM Services PMI posted a result of 48.8 in June 2024, lowest post-pandemic reading to date. 

• The Business Activity component of the ISM Services PMI retreated sharply in June 2024, falling into contraction at 49.6.

Signal or Noise?

• Initial claims for unemployment insurance rose slightly in the week ending June 29, and have been increasing in the first half of the year. 

• Continuing claims for unemployment insurance hit their highest level since late 2021 in the week ending June 22.

Consumer Spending in May as Overall Prices Fall Slightly

• Nominal personal income rose 0.5% in May, with after-tax income also up 0.5%. 

• Nominal consumer spending rose 0.2% over the month.