This Looks More Like Noise than Signal But Bears Watching.

• Initial claims for unemployment insurance jumped by 22,000 to 231,000 in the week ending May 4. The four-week moving rose by 5,000 to 215,000.
• Continuing claims rose by 17,000 to 1.785 million in the week ending April 27 but the four-week moving average fell by 6,000 to 1.781 million.

Michigan Economic Development Corporation to Host Weeklong Tour of State

WASHINGTON – About 70 senior-level government, business, policy and economic leaders from about 20 countries will visit sites throughout Michigan May 5-10, 2024, for the 18^th Americas Competitiveness Exchange (ACE). The Michigan Economic Development Corporation (MEDC) will serve as host for this year’s event.

CAR asks you to join them on June 20th for our Industry Briefing - Driving Change: Trade, Policy, and Future of Mobility

CAR Industry Briefing

Driving Change: Trade, Policy, and the Future of Mobility

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.

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.

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

Core Inflation Is Gradually Slowing

• Nominal after-tax income rose 0.5% in March with the good labor market. Real after-tax income was up 0.2%.
• Nominal consumer spending rose 0.8%, with real consumer spending up 0.5%.
• Both the overall and core PCE price indices rose 0.3% in March.