April 18, 2024 • 12:00 PM – 1:00 PM EDT In today’s fast-paced work environment, burnout has become a prevalent concern affecting both employees and organizations. Human Resources (HR) professionals play a critical role in identifying, addressing, and preventing burnout within their teams. This session aims to equip HR professionals with the knowledge and strategies necessary to effectively navigate and implement initiatives to combat burnout.
May 16, 2024 – The Henry, Autograph Collection
The MichBusiness Women Thrive Conference is a day of celebration, informative panel discussions, facilitated networking opportunities, and knowledge-sharing. It is advised by a distinguished board of businesswomen and community leaders.
The number of U.S. workers applying for unemployment benefits dropped a little last week as the job market showed signs of continued strength.
According to statistics released by the U.S. Department of Labor Thursday, the number of jobless claims fell by 2,000 to some 210,000. The four-week average, though, was up by 2,500 to 211,500.
Overall, 1.8 million Americans were collecting unemployment benefits the week that ended March 9, up a modest 4,000 from the week before.
Despite high-profile job cuts at tech companies such as Google parent Alphabet, eBay and Cisco Systems, the Associated Press reported that overall layoffs remain below pre-pandemic levels. The unemployment rate, 3.9% in February, has come in under 4% for 25 straight months, the longest such streak in six decades.
The economy and the job market have shown strength despite seeing the Federal Reserve raise interest rates 11 times in 2022 and 2023 in an effort to combat inflation. Inflation has come down from a four-decade high 9.1% in June 2022 to 3.2% in February — but remains above the Fed’s 2% target.
“Overall, layoffs remain at low levels,” Rubeela Farooqi, chief U.S. economist at High Frequency Economics, told the AP. ”We expect job growth to slow somewhat but the unemployment rate to remain low this year.”
Unilever said Tuesday that it is cutting 7,500 jobs and spinning off its ice cream business to reduce costs and boost profits.
London-based Unilever, the company that makes Ben & Jerry’s ice cream, Dove soaps and Vaseline, said in a press release posted to its website Tuesday that its ice cream business, which also includes Magnum bars, has “distinct characteristics” from its other brands and would benefit from separate ownership to increase growth. It said the split is expected to be completed by the end of next year.
The British consumer goods company with 128,000 employees also said it is launching a “productivity program” that is expected to lead to a reduction of about 7,500 mostly office-based jobs worldwide, according to an Associated Press report.
Unilever said it will invest in technology to find efficiencies and avoid duplication that it anticipates will help it save 800 million euros ($867 million) over the next three years. The company also laid off 1,500 staffers in early 2022.
“Simplifying our portfolio and driving greater productivity will allow us to further unlock the potential of this business, supporting our ambition to position Unilever as a world-leading consumer goods company delivering strong, sustainable growth and enhanced profitability,” said CEO Hein Schumacher, who took the helm at Unilever last summer.
The Federal Reserve’s March decision was as-expected, extending the pause on rate changes that followed their last hike in July 2023.
The March decision was unanimous. The key phrase in the monetary policy statement was that the risks to the Fed “achieving its employment and inflation goals are moving into better balance,” meaning that they are becoming more confident that inflation is returning to their 2% target.
However, they also repeated from their prior statement made Jan. 31 that, “The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent.”
The Fed’s quarterly “Dot Plot” (Projections for the economy and the fed funds rate) held unchanged the projection for how much Fed policymakers think it will be appropriate to cut the federal funds rate this year. The median Fed policymaker thinks it will be appropriate to lower the fed funds rate to a range of 4.50% to 4.75% by the end of the year, three quarters of a percent below the current level.
The median dot on the Dot Plot also upgraded projections for real GDP growth in 2024, nudged lower the forecast for the unemployment rate at year-end, and raised the projection for core PCE inflation a bit. In reaction to this, the median dot raised the projection for the year-end fed funds rate in 2025 and 2026 by a quarter percentage point, to 3.9% and 3.1%, respectively.
The Fed’s March policy statement held their assessment of recent economic data essentially unchanged from the January statement, saying economic activity and job growth are “strong,” and that inflation “has eased over the past year but remains elevated.”
Chair Powell was asked directly at the press conference following the March decision about how much more data would be needed to make the committee “confident” enough that inflation is “moving sustainably toward 2 percent” before they start cutting, and he essentially said he wasn’t sure.
Powell loves to speak plainly, but precisely, and his response was anything but. That implies FOMC policymakers hold a range of views about what the threshold for rate cuts should be. Chair Powell stated in the press conference that the FOMC is “a consensus-oriented organization and we do try to achieve consensus and ideally, unanimity.” That messaging is essentially unchanged from the Fed’s prior decision in January.
In short, the March Fed decision indicates that the Fed sees the economy largely on course with their projections released last December, implying that an initial rate cut will likely be appropriate around mid-year.
Comerica maintains unchanged our forecast for the Fed to make an initial federal funds rate cut of a quarter percentage point at the June 2024 decision, followed by subsequent quarter percentage point cuts in September and December.
Separate from interest rates, Chair Powell stated at the March press conference that “the general sense of the [FOMC] is that it will be appropriate to slow the pace of run-off fairly soon.” ‘Run-off’ refers to the Fed’s policy of reducing the size of their balance sheet, a.k.a. Quantitative Tightening or “QT.” QT unwinds the Fed’s massive purchases of Treasury bonds and government-backed securities made during the pandemic and its aftermath to support the economy’s recovery.
The Fed is likely to slow QT shortly after they begin cutting interest rates in mid-2024, and to end QT late this year or in early 2025. Financial markets will likely see the end of QT as favorable for risky assets, like stocks and corporate bonds, since the Fed will be directing less of private investors’ money into the risk-free assets that the Fed had been taking off their balance sheet.
While Comerica’s outlook for monetary policy in 2024 is unchanged from the last time the Fed met in January, the balance of risks to that outlook has shifted. Inflation came in a bit hotter than expected in January and February, and in particular, service prices excluding energy services and shelter services—which tend to track with inflation’s underlying trend—rose rapidly after running cool in the second half of 2023.
Momentum has built up in inflation over recent years, and in early 2024 that showed up in high increases of health care service charges, car and truck rental rates, and other labor-intensive services whose prices change relatively infrequently.
At the same time, the unemployment rate rose to 3.9% in February, the highest since early 2022, indicating a modest margin of slack has returned to the labor market. While job growth was solid through February, growth of the labor force has picked up over the last year as people who stepped away from the labor force during the pandemic re-enter it, and as increased immigration swells the number of jobseekers.
With higher-than-expected inflation, but also an uptick in unemployment, the risks to Comerica’s forecast for monetary policy look balanced. In plain English, that means that if our forecast misses the mark, the Fed looks equally likely to cut rates less than projected as they are to cut them by more than projected.
Bill Adams is a senior vice president and chief economist at Comerica. Waran Bhahirethan is a vice president and senior economist at Comerica.
HUDSON, Ohio (Globe Newswire) — Joann Inc., the nation’s category leader in sewing and fabrics with one of the largest arts and crafts offerings, has filed for Chapter 11 bankruptcy protection, as consumers continue to cut back on discretionary spending and some pandemic-era hobbies.
Joann announced it has entered into a Transaction Support Agreement with a majority of its financial stakeholders and additional industry financing parties to strengthen the company’s financial position. In connection with the TSA, the company has received commitments for approximately $132 million in new financing and related financial accommodations and expects to reduce funded debt on its balance sheet by approximately $505 million.
The parties have also agreed to a six-month extension of the Company’s existing ABL and FILO credit facilities, effective upon the company’s emergence from the court-supervised process. Under the TSA and related transaction documents, all obligations to employees, vendors, landlords, and other trade creditors will be paid or otherwise satisfied in full and honored in the ordinary course of business.
“Over the past several months, Joann has made meaningful business improvements through the execution of our Focus, Simplify and Grow cost reduction initiative,” said Chris DiTullio, Chief Customer Officer and co-lead of the Interim Office of the CEO. “We are excited by our progress on both top and bottom-line initiatives in the past year and are confident the steps we are taking will allow Joann to drive long-term growth. We appreciate the support from our financial and industry stakeholders in this agreement, and their confidence in our ability to continue driving positive business change. There is no other retailer with the same ability to serve sewists, quilters, crocheters, crafters and other creative enthusiasts as we have for the past 80 years, and we take great pride in seeing the passion and engagement of our millions of customers and our Team Members.”
Scott Sekella, Joann’s Chief Financial Officer and co-lead of the Interim Office of the CEO, added, “This agreement is a significant step forward in addressing Joann’s capital structure needs, and it will provide us with the financial resources and flexibility necessary to continue to deliver best-in-class product assortments and enhance the customer experience wherever they are shopping with us. This includes our more than 800 stores across the United States, 95 percent of which are cash flow positive. We remain committed to our suppliers, partners, Team Members and other stakeholders, and are focused on ensuring we continue to operate as usual so we can continue to best serve our millions of customers nationwide.”
To effectuate the recapitalization transactions, Joann and certain of its affiliates have initiated voluntary prepackaged Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware. With the significant support of the Company’s financial stakeholders, Joann expects to complete this process on an expedited basis, as early as late April 2024. Following this process, the Company expects that Joann will become a private company owned by certain of its lenders and industry parties, and its shares will no longer be listed on Nasdaq or any other national stock exchange.
LAFCU’s IT manager, Ahmed Issawi, was recently on the world stage after being selected to present at the Service Management World Conference in Orlando, Florida. The annual conference brings service management leaders and technical support professionals from across the globe to explore the strategic and tactical elements of optimal service management strategy. Issawi provided thought leadership, resources, and examples of overcoming barriers and creating internal buy-in for needed IT processes and programs.
“We are incredibly proud to have Ahmed Issawi, our IT manager, represent LAFCU on the global stage,” said Emily Jannereth, LAFCU chief technology officer. “Ahmed’s accomplishments highlight the caliber of talent within our organization, and we commend him for his outstanding contribution to the industry.”
Issawi’s 60-minute presentation, “Going from Zero to 100 in ITSM” discussed how attendees can overcome senior leadership barriers and sell an information technology infrastructure library (ITIL) and information technology service management (ITSM) to skeptical staff. Furthermore, Issawi highlighted a case study of a university that went from having no ITIL and little senior leadership support to implementing an ITSM program based on a service management toolset with the full support of a new chief information officer and how it yielded successful outcomes.
“It was an honor, privilege, and a humbling experience to attend, speak, and be viewed as an industry expert at the Service Management World Conference,” said Issawi. “It was nice to be on the other side and see that my 20 years of experience is paying off and that I can help others through my lived experience and career path.” Issawi leads a team of 10 people in LAFCU’s IT department. He holds a bachelor’s degree in telecommunications/information systems management with a specialization in information and technology management and a master’s degree in strategic communications from Michigan State University.
DETROIT – Leadership at furniture giant Gardner White is staying all in the family.
Rachel Stewart, who has been Gardner White’s president since 2017, has been named the retailer’s Chief Executive Officer, effective April 1.
As the fourth-generation leader of the 112-year-old, family-owned and operated company, Stewart succeeds parents Barbara and Steven Tronstein, who have served as co-CEOs of Gardner White, as they take on new roles as Executive Chair and Chair respectively.
Former co-CEOs Barbara and Steven Tronstein will take on new roles as Executive Chair and Chair respectively. Photo courtesy Gardner White
“Rachel’s strong leadership, innovative thinking and dedication to our employees, our company and our community give us confidence that she will continue to move Gardner White forward as she elevates to her new role as CEO of Gardner White,” Barbara and Steven Tronstein said in a joint statement.
As one of the only female leaders in the industry, Stewart’s dynamic approach to business and community have established her as a respected and admired leader, innovator and trailblazer.
With a strategic vision and an unrelenting drive for success, Stewart has been instrumental in Gardner White’s continued expanded footprint in southeast Michigan to include 13 retail locations throughout metro Detroit, Ann Arbor and Saginaw, and a team of over 1000 employees and growing.
Stewart has a strong passion for community and partnership, currently serving on the board of directors for Business Leaders for Michigan, The Parade Company, Math Corps, Detroit Economic Club and American Home Furnishings Hall of Fame Foundation. Under her leadership, Gardner White has been named Best Places to Work by lead industry publication Furniture Today for three consecutive years.
Prior to returning to Detroit to work in the family business, Stewart spent nearly 10 years working in the clean energy sector. Her last position was at the U.S. Department of Energy on a program working for Nobel-Prize winning physicist Dr. Steven Chu to drive down the installed price of solar energy to be competitive with other forms of electricity.
“I am determined to continue the thoughtful expansion of the Gardner White brand and am committed to strategic innovation to benefit the industry and our customers,” said Stewart. “It is a privilege to work alongside a team that shares the vision for the future and comes together to do remarkable work.”
As Stewart transitions to CEO, Gardner White announced industry veteran Brad Bailey as President of Gardner White. With a proven track record for driving billion-dollar growth for iconic bedding brands in both retail and manufacturing across the country, Bailey is recognized for his ability to work cross-functionally to develop vision, strategy and growth plans to deliver historic and record-breaking results.
Brad Bailey
Prior to joining Gardner White, Bailey served as Chief Sales Officer at Casper, where he led sales and operations for 65 retail stores throughout the country as well as the mass channel and wholesale sales divisions. He has also held leadership positions at Simmons, Serta Simmons and TempurSealy where he was credited with delivering growth in both profits and market share. Bailey will relocate to Michigan and assume his new role at Gardner White April 1.
“Michigan is a draw for top talent, and we have worked diligently to bring the most talented team in the industry to Gardner White,” said Stewart. “Brad’s vast understanding of the retail and manufacturing industry and impressive results are reflective of this. His experience and expertise will be key in our continued growth and delivering our customers an unparalleled Gardner White experience.”
“I am excited and honored to work with the Tronstein family as well as the outstanding leadership and retail team that they have assembled to help us continue to grow the Gardner White brand for many years to come,” said Bailey.
Four Merrill Advisors from Metro Detroit made Forbes’ 2024 “Top Women Wealth Advisors Best-in-State” list: Kristina Abro, Nicole Christians, Nicole Norris and Melissa Spickler. Additionally, Spickler was named to Forbes’ “America’s Top Women Wealth Advisors” list.
Spickler of Bloomfield Hills joined Merrill in 1980, and holds the Chartered Retirement Planning Counselor designation and is also a qualified Portfolio Manager. She built her team and clientele to provide individuals and businesses with the same high-quality wealth management she would expect to receive as a client. She earned a bachelor’s degree from Michigan State University.
Kristina Abro of Auburn Hills joined Merrill in 2012, upon graduating from Central Michigan University with a degree in economics from the School of Business. Abro works with clients to help them identify and meet their unique financial goals, to simplify their complex financial lives. She uses a broad asset and liability management approach along with her understanding of the financial sector to benefit her clients.
Nicole Christians, of Bloomfield Hills, joined Merrill in 2002, after graduating from the University of Michigan with degrees in history and philosophy. She works with high-net-worth clients on estate, wealth, and tax planning strategies. Nicole holds the CERTIFIED FINANCIAL PLANNER™ certification and the Chartered Retirement Planning Counselor designation. She has been a participant in the Barron’s Top Women Advisors Summit since 2016.
Nicole Norris of Dearborn joined Merrill in 1993, after earning a bachelor’s degree in economics from the University of Michigan Dearborn. She is a CERTIFIED FINANCIAL PLANNER™, a Chartered Retirement Planning Counselor, and a qualified Portfolio Manager. Norris uses her knowledge, resources and experience to develop financial strategies tailored to her clients’ needs and goals.
DETROIT — Miller Canfield announced that A. Michael Palizzi will become the firm’s Chief Executive Officer. He will assume his new duties April 1.
Palizzi is a respected trial lawyer and co-leader of the firm’s nationally recognized Litigation and Dispute Resolution and Intellectual Property Groups. For more than 30 years, Palizzi has represented clients in complex commercial litigation, intellectual property counseling and litigation, and other commercial matters.
He was elected by the firm’s principals in 2021 to serve on the Board of Managing Directors.
Palizzi acknowledged that the legal industry has changed dramatically over the past several years.
“We expect that change will only accelerate, and therefore we remain committed to adapting through strategic growth, practice innovations, and building our exceptional and diverse talent base and areas of expertise,” he said. “But the one thing that has remained constant is what clients expect from their law firm: exceptional legal counsel, responsiveness and value. We have not, and will never, lose sight of that constant as we adapt to market changes.
“Fortunately, I’m surrounded by an unparalleled group of lawyers, professionals and firm leaders, all of whom are committed to these principles,” he added. “With their help, I am confident that we will become an even stronger, more diverse, and market-leading law firm.”
Palizzi will succeed Megan Norris, who is stepping down after serving as CEO since February 2021. Prior to her role as CEO, Norris served as the chair of the firm’s Board of Managing Directors and as the leader of Miller Canfield’s large and nationally acclaimed Employment and Labor Group.
“I am confident that Mike will serve the firm well,” Norris said. “He has a leadership style that is forward-thinking, adaptable and inclusive. The firm will be in excellent hands with Mike at the helm.”
Palizzi lauded Norris’ steady leadership, especially post-pandemic and during the firm’s return to the office.
“Megan served as a selfless and stalwart leader during one of the most challenging times in recent history. I hope to build upon many of the initiatives that began under her leadership and am grateful for her commitment,” Palizzi said.
Michelle Crockett will continue to serve as the firm’s Deputy Executive Officer and Chief Diversity Officer.
“I have had the pleasure of serving the firm as a managing director alongside Mike and under Megan’s leadership. We are so thankful to Mike for his willingness to serve the firm in this new role, and to Megan, whose unwavering commitment to the best interests of our firm has aided in building a strong foundation that will move us forward by way of growth and achieving our strategic goals,” said Danielle Mason Anderson, Chair of Miller Canfield’s Managing Directors.
Federal Reserve officials were looking at potentially cutting interest rates soon if consumer prices started coming down.
For now, that doesn’t seem to be the case.
Consumer prices in the United States picked up last month, rising 0.4% from January to February, higher than the previous month’s figure of 0.3%, according to statistics released Tuesday by the Labor Department. Consumer prices rose 3.2% last month over a year earlier.
Excluding volatile food and energy prices, so-called “core” prices also climbed 0.4% from January to February, the Associated Press reported. That matches the previous month’s rise and a faster pace than is consistent with the Fed’s 2% inflation target.
“It’s a disappointment, but not a disaster,” Eric Winograd, U.S. economist at asset manager AB, told the AP. “The underlying details are more encouraging than the top-line number, which was boosted by a few volatile categories — the type of prices that tend not to repeat month-to-month.”
Those categories include gas prices, which jumped 3.8% just from January to February but are still below their level of a year ago. Air fares were up 3.6%, an clothing prices rose 0.6% after three months of declines but are unchanged compared with a year earlier, according to the AP report.
Despite February’s elevated figures, most economists expect inflation to continue slowly declining this year. At the same time, the uptick last month may underscore the Fed’s cautious approach toward interest rate cuts.
In his State of the Union speech last week, Biden talked about the things his administration has done to reduce costs. The president also criticized many large companies for engaging in “price gouging” and so-called “shrinkflation,” in which a company shrinks the amount of product inside a package rather than raising the price.
“Too many corporations raise prices to pad their profits, charging more and more for less and less,” Biden said.
Overall inflation has sunk from a peak of 9.1% in June 2022, though it’s now easing more slowly than it did last spring and summer. Fed Chair Jerome Powell signaled in congressional testimony last week that the central bank is getting closer to cutting rates.
After meeting in January, Fed officials said in a statement that they needed “greater confidence” that inflation was steadily falling to their 2% target level. Since then, several of the Fed’s policymakers have said they believe prices will keep declining. One reason, they suggested, is that consumers are increasingly pushing back against higher prices by seeking out cheaper alternatives.
The CPI index likely ran hot in February on higher gasoline prices, but core inflation likely slowed further as car prices fell and rent increases moderated. Producer prices likely rose less than retail prices in the month, but were nevertheless higher as more expensive diesel caused transportation and warehousing costs to jump after three monthly declines.
The Treasury Department’s monthly deficit likely widened in February, as it typically does in that month. The Department of Education’s cancellation of $1.2 billion in student loans in February likely added to the monthly deficit, though its incremental effect on monthly borrowing will be smaller since its cash flow effect will be spread out over the life of the cancelled loans.
Retail sales likely rebounded sharply as Americans spent more at gas stations, bought more new vehicles, and increased discretionary spending on durable goods after bad weather held back spending in January. Industrial production was likely flat, with milder weather helping mining but hurting utilities.
No new insights about the future path of monetary policy were gleaned from Chair Powell’s much-awaited semi-annual testimony to Congress, where he reiterated: Interest rates are likely at their peak for the current tightening cycle; rate cuts are likely appropriate sometime this year; and monetary policymakers will need to have greater confidence that inflation is returning sustainably towards the 2% target before easing policy, but they are “not far” from having that confidence.
275,000 nonfarm payroll jobs were added in January, well above the 190,000 consensus. That good news was partially offset by a substantial 167,000 downward revision to the prior two months’ job growth. The unemployment rate unexpectedly rose by 0.2 percentage points to 3.9%, as layoffs rose by 174,000 to a 27-month high of 1.730 million. The labor force participation rate held steady at 62.5% for the third consecutive month, 0.3 pp below the pandemic-era high of 62.8%. The decline was concentrated among men aged 16-19 years and over 55 years. The average workweek rose by 0.1 hour to 34.3 hours, partially recovering from the weather-related 0.2-hour decline in January. Following a strong increase in January, wages rose by a modest 0.1% last month and were up 4.3% from a year earlier.
Job openings were essentially unchanged at 8.9 million in January, with December revised lower. While the imbalance in the labor market has come down sharply from two years ago, demand for labor still exceeds supply, with 1.4 vacancies for every unemployed person. Quits, voluntary separations initiated by employees, and the quits rate—widely-watched measures of labor market mobility—continue to fall and were below pre-pandemic levels, indicating decreasing willingness of employees to change employers. Since job changers tend to see faster wage growth than job stayers, a lower quits rate will contribute to slower wage growth over time.
Bill Adams is a senior vice president and chief economist at Comerica. Waran Bhahirethan is a vice president and senior economist at Comerica.
While the number of Americans applying for unemployment benefits last week went down a bit, the overall number of workers collecting jobless benefits was up.
Both numbers, though, remain at historically low levels.
The Labor Department reported Thursday that filings for unemployment claims for the week ending March 9 ticked down by 1,000 to 209,000 from the previous week’s 208,000, according to statistics released by the U.S. Labor Department.
The four-week average of claims came in at 208,000, a decrease of 500 from the previous week.
Some 1.81 million Americans were collecting jobless benefits during the week that ended March 2, an increase of 17,000 from the previous week. Last week’s number, which had been the most since November, was revised down by 112,000.
Weekly unemployment claims are considered a proxy for the number of U.S. layoffs in a given week. They have remained at historically low levels since the pandemic purge of millions of jobs in the spring of 2020.
Cadillac gave the world a taste of what the future of electric performance could render, sharing a sneak peek at Opulent Velocity — a concept vehicle designed to celebrate the past, present and future of Cadillac and its performance brand, V-Series.
Opulent Velocity represents the duality of the Cadillac brand defined in the name itself, Opulent + Velocity. The concept’s mission is to demonstrate the evolution of Cadillac’s revered sense of opulence, while envisioning the future of a high velocity performance driving experience.
“Opulent Velocity is designed to foreshadow a zero emissions expression of performance and modern luxury leadership,” said Bryan Nesbitt, executive director, Cadillac Global Design. “We will share more later this year, so stay tuned.”
For 20 years, V-Series products have brought bold American craftsmanship, technology and performance to the street and track. V-Series represents the purest expression of the passion that exists at the core of the Cadillac brand.
The latest iterations of Cadillac’s iconic V-Series, the 2025 CT5-V and CT5-V Blackwing, debuted in January and feature a refreshed look while maintaining the renowned power, refinement and performance enthusiasts expect, on and off the track.
Cadillac celebrates 20 years of V-Series at Mobil 1 Twelve Hours of Sebring The teaser drops 20 years after V-Series was first launched at Sebring International Raceway in March 2004, with the race and subsequent first win of the CTS-V.R race car in the SCCA Pro Racing World Challenge GT race.
“V-Series forges a transformative relationship between Cadillac’s championship-winning motorsports program and the road vehicles it influences,” said Brandon Vivian, executive chief engineer, Cadillac. “It is a proven formula delivering authentic performance through technology, resonating with our passionate V-Series enthusiasts over the past two decades.”
Racing provides a testbed for Cadillac to transfer knowledge and technology between race cars and production vehicles.
Cadillac returns to the Mobil 1 Twelve Hours of Sebring this weekend to celebrate the 20th anniversary of V-Series, while aiming to defend last year’s win by the No. 31 Whelen Cadillac team.
Shoppers pulled back on their spending in January, but apparently picked it back up last month.
Retail sales rose 0.6% last month after falling a revised 1.1% in January, dragged down in part by inclement weather, according to a report released Thursday by the Commerce Department. February’s number was lifted in part by higher gas prices and higher auto sales.
Excluding sales from gas stations and auto dealers, sales were up 0.3%.
Business at general merchandise stores rose 0.4%, while electronics and appliance stores had a solid 1.5% increase. Restaurants posted a 0.4% increase. Furniture and home furnishings stores saw a 1.1% decline. Online sales were down 0.1%.
According to a report from the Associated Press, household spending is being fueled by a strong jobs market and rising wages. But spending has become choppy in the face of rising credit costs and higher prices.
America’s employers continued to hire in February, adding 275,000 jobs, underscoring the U.S. economy’s resilience despite efforts of the U.S. Federal Reserve to knock down inflation by slowing spending.
“They continue to shop but they are more constrained, ” Target’s CEO Brian Cornell told The Associated Press in an interview last week. “People are using credit cards to get through the month. Rent costs across the country are up, and gas has been volatile.”
The government’s monthly retail sales report offers only a partial look at consumer spending; it doesn’t include many services, including travel and hotel lodges. It’s also not adjusted for inflation, the AP pointed out.
WASHINGTON ― With the April 15 filing deadline approaching, the Internal Revenue Service encourages taxpayers who may find it difficult to gather the necessary documents they need to file or pay the taxes they owe to consider several options offered on IRS.gov to avoid late filing and interest penalties.
This is the last in a four-part series called the Tax Time Guide, a resource to help taxpayers file an accurate tax return. As taxpayers approach the April 15 deadline, those who owe taxes can benefit from knowing their options.
Eligible individuals and families who earned $79,000 or less in 2023 can use IRS Free File on IRS.gov, to electronically file their taxes. But all taxpayers, regardless of income, who need more time to file a return can use IRS Free File as an easy and quick way to electronically file for a six-month extension before April 15, 2024. An extension will help to avoid penalties and interest for failing to file on time, and gives taxpayers until Oct. 15, 2024, to file. However, they still must pay what they owe by the April 15 deadline.
Except for eligible victims of recent natural disasters who have until Oct. 15 to make tax payments, taxpayers who can’t pay the full amount of taxes they owe by April 15 should file and pay what they can to reduce total penalties and interest.
There are multiple ways to make electronic payments and there are options for a payment plan or an agreement with the IRS.
An IRS Online Account provides taxpayers access to important information when preparing to file a tax return, pay a balance or follow up on notices. Taxpayers can view their information online including:
Adjusted Gross Income.
Payment history and any scheduled or pending payments.
Payment plan details.
Digital copies of select notices from the IRS.
Taxpayers can also use their Online Account to securely make a same-day payment for an outstanding 2023 tax balance, pay quarterly estimated taxes for the 2024 tax season or request an extension to file a 2023 return.
Interest and a late payment penalty will apply to any payments made after April 15. Making a payment, even a partial payment, will help limit penalty and interest charges.
Other electronic options Direct Pay, available at IRS.gov, is the fastest, easiest way to make a one-time payment without signing into an IRS Online Account.
Direct Pay: Direct Pay is free and allows taxpayers to securely pay their taxes directly from their checking or savings account without any fees or registration. Taxpayers can schedule payments up to 365 days in advance. After submitting a payment through Direct Pay, taxpayers will receive immediate confirmation.
IRS2Go mobile app: IRS2Go is the official mobile app of the IRS. Taxpayers can check their refund status, make a payment, find free tax preparation assistance, sign up for helpful tax tips and more. IRS2Go is available in both English and Spanish.
Electronic Funds Withdrawal (EFW): This option allows taxpayers to file and pay electronically from their bank account when using tax preparation software or a tax professional. This option is free and only available when electronically filing a tax return.
Electronic Federal Tax Payment System: This free service gives taxpayers a safe, convenient way to pay individual and business taxes by phone or online. To enroll and for more information, taxpayers can call 800-555-4477 or visit eftps.gov.
Debit or credit card and digital wallet: Individuals can pay online, by phone or with a mobile device through any of the authorized payment processors. Processors do charge a fee to use these services. The IRS doesn’t receive any fees for these payments. Authorized card processors and phone numbers are available at IRS.gov/payments.
Other Payment Options
Cash: For taxpayers who prefer to pay in cash, the IRS offers a way to pay taxes at one of its many retail partners. The IRS urges taxpayers choosing this option to start early because it involves a four-step process. Details, including answers to frequently asked questions, are at IRS.gov/paywithcash.
Check or money order: Payments made by check or money order should be made payable to the “United States Treasury.” To make sure that the payment gets credited promptly, taxpayers should also enclose a 2023 Form 1040-VPDF payment voucher and print the following on the front of the check or money order:
Detroit – Comerica Bank is welcoming donations for its sixth annual Prom Dress Drive beginning Monday, March 18, and continuing through Friday, April 12, in support of community partner Jackets for Jobs. Individuals and businesses alike can drop off new or gently used dresses, along with accessories, such as jewelry, shoes, purses, and wraps, at participating Comerica locations to benefit southeast Michigan students.
Ten Comerica Bank banking centers and offices throughout Metro Detroit will serve as collection sites. For the first time, Comerica will be accepting the donations of dresses and accessories over a four-week span, the longest donation period since Comerica’s Prom Dress Drive first began in 2017.
For the second consecutive year, Comerica will supply the donated dresses and accessories to Jackets for Jobs, a Detroit-based nonprofit that focuses on career development and removes barriers by providing high-quality clothing that makes clients look and feel professional to support workplace success.
“Teaming up with Jackets for Jobs was incredibly successful last year. We appreciate the passion of Alison Vaughn and her team in their commitment to reach and positively impact our youth during this very impressionable and important time in their lives,” said Steve Davis, Comerica Bank Michigan Market President. “Each year, we are truly grateful for the support we receive from our customers and communities throughout the Metro Detroit area during this effort. Their generosity makes our Prom Dress Drive possible.”
Cumulatively across its last five Prom Dress Drives, Comerica has collected more than 7,700 dresses – including a record of over 2,200 last year – to benefit local teens who may not otherwise be able to afford formal attire and experience the high school tradition of prom.
“Our mission is to empower others to achieve great things by providing them with the resources to help overcome barriers that exist,” said Alison Vaughn, Jackets for Jobs Founder and Executive Director. “Clothing and attire, whether for workplace or special events, can stand in the way of meaningful experiences and achievements. Our goal in partnering with Comerica is to open the door for success. Teens are vulnerable, and we hope that our boutique can offer them excitement and inspiration as they look forward to some of their most special moments of their teen years without some of challenges than may persist.”
Donation Locations
Individuals and local businesses, including bridal and dress shops from surrounding areas, seeking to donate dresses and accessories to the Comerica Prom Dress drive can do so at locations in the following nine metro Detroit communities: Ann Arbor, Bloomfield Hills, Dearborn, Detroit, Grosse Pointe, New Baltimore, Northville, Novi and Rochester Hills.
The following Comerica Bank locations will accept donations:
Comerica Banking Centers
Ann Arbor | Stadium Blvd.-Pauline: 1969 W. Stadium Blvd., Ann Arbor, MI 48103
Bloomfield Hills | Woodward-Hunter: 36440 Woodward Ave., Bloomfield Hills, MI 48304
Bloomfield Hills | Telegraph-Long Lake: 3910 Telegraph Rd., Ste. 100, Bloomfield Hills, MI 48302
Dearborn | Michigan-American: 16150 Michigan Ave., Dearborn, MI 48126
New Baltimore | Gratiot-Cotton: 50300 Gratiot Ave., New Baltimore, MI 48051
Northville | Northville: 129 E. Main St., Northville, MI 48167,
Novi | Grand River and Beck: 47440 Grand River, Novi, MI 48374
Rochester Hills | Walton-Adams: 3021 Walton Blvd, Rochester Hills, MI 48309
Comerica Offices
Those donating dresses and accessories to the Comerica Prom Dress Drive in Detroit can do so by dropping off items in the main lobby of the Comerica Bank Center, 411 W. Lafayette.
Jackets for Jobs Prom Dress Boutique
This year’s Jackets for Jobs Prom Dress Boutique will take place Friday, April 19 through Sunday, April 21 at the Samaritan Center (5555 Conner St.) in Detroit. Schools, organizations or families with teens in need can contact Jackets for Jobs at (313) 579-9160 for more information.
Detroit Mayor Mike Duggan extolled the virtue of buildng a culture where everyone is valued and welcome during his speech at the Asian Pacific American Chamber of Commerce East-West Summit.
Tamara Hicks looked around at the people in the room watching her receive the Asian Pacific American Chamber of Commerce Minority Business Advocate Award and pointed out that she had a great many of them on speed-dial on her phone.
It’s one of the benefits, she said, of being a regular attendee at event such as APACC’s 21st annual East-West supplier diversity summit, where supplier diversity professionals and companies seeking better supplier-diversity programs have a chance to meet and network.
Raymond Boufford, Vice President of Minority Supplier Development & Business Transformation for Forvia, presents APACC’s Minority Business Advocate Award to Tamara Hicks, Senior Manager of Supplier Diversity at General Motors Corporation.
“From a supplier and corporate perspective, it’s a benefit to get to know one another,” said Hicks, Senior Manager of Supplier Diversity, General Motors Corporation. “The supplier diversity space is a family. We’re all here with the same purpose – to make everything more inclusive.”
APACC has been bringing the supplier diversity community together for more than two decades now. This year’s East-West Summit hooked up hundreds of spectators with dozens of businesses in an effort to produce the kind of inclusiveness the group seeks.
Duc Abrahamson, APACC’s executive director, said the whole goal is to bring together diverse suppliers with companies that are looking for women, people of color, veterans and suppliers in other blocs.
“This is our supplier diversity match-making event,” Abrahamson said with a smile. “This is where Diversity, Equity and Inclusion is the hot topic.”
In addition to the networking opportunities, the APACC’s East-West Summit, held with a packed crowd in the Wayne State University Student Center, featured several speakers.
The list included:
Mike Duggan, Mayor, City of Detroit
Ashok Sivanand, CEO, Integral
Kavy Lenon, Supplier Inclusion Manager, Meijer
Yusuke Shindo, Consul General of Japan in Detroit
Garlin Gilchrist II, Lt. Governor, State of Michigan
Duggan arrived at the APACC event having just left a Detroit City Council, where the mayor – originally elected in 2013 – had just presented his annual budget.
Brian Birckelbaw and Rudy Chahine of Consumers Energy talk to Chris Andrews of Argus Logistics of Troy.
He noted that the process has become more streamlined in his tenure, without the back-and-forth political bickering often see at the state and national levels.
“Every year, I present the budget by the first week of March, and they pass it by the first week of April,” Duggan said. “There are no government shutdowns, no continuing resolution … all of that drama and nonsense you see in Washington,
“If there’s one thing I’ve had an impact on changing, it’s getting rid of the ‘us-vs-them’ politics,” he added.
With a city already facing bankruptcy, Duggan decided to forego the “blame game” – no fights with Lansing, no fights with the suburbs or the unions – and instead build a culture of inclusivity and, in 2017, he was reelected, he pointed out, with 72% of the vote.
“I said we’re going to run a city where everyone is welcome, where everybody is valued,” Duggan said. “I told people if you vote for me, it’s not going to matter if you’re black or brown or white. It’s not going to matter if you’re Christian, Jewish or Muslim. It’s not going to matter if you’re gay or straight. It’s not going to matter if you were born in Detroit or you immigrated from another country.
“If you’re voting for me,” he told voters, “you’re voting or a vision of the city where everyone is welcome.”
Shindo, the Consul General of Japan in Detroit, said he was happy to get the invitation from APACC, because he knows the importance and the impact of east-west relations as it pertains to the business climate.
Michigan, Shindo pointed out, has 449 Japanese business facilities in the state – “I’m very happy that Japan remains among the leading foreign businesses in Michigan,” he said — providing more than 39,000 jobs.
Shindo said as he engages with Japanese business leaders in Michigan, he keeps tabs on the state of their businesses, the favorability of the state’s business climate and what the challenges are for them here.
Raj Dechen of the Dechen Consulting Group gets some information from Christopher Sim at the Stellantis booth at the Asian Pacific American Chamber of Commerce East-West Summit.
“Generally, they say they are happy with their Michigan experience,” Shindo said. “Sometimes they face serious issues like the supply chain problems from the pandemic. These days I hear they have to deal with a workforce shortage and talent availability.
“This issue isn’t unique to Michigan,” he added. “It resonates across the United States. People say securing talent is the key to their business. The demand for skilled and talented workers remains high, especially in light of the automotive industry’s transition to electric vehicles and automated technology.”
Gilchrist, in his second term as the state’s lieutenant governor, called the work being done by APACC “really inspiring.” He said east-west business connections are natural things to facilitate here.
“We have a rich history of recognizing that prosperity and opportunity only come from connection, only come from recognizing that all of us have something to contribute to our collective success, that we are not able to be individually successful without the strength and support of others,” Gilchrist said. “APACC and other institutions like it represent bringing together our diversity for its empowering impact.”
LANSING, Mich. — Governor Gretchen Whitmer concluded her investment mission to East Asia having met with public and private sector leaders in South Korea. During the trip, the governor focused on building relationships in key industries to bring jobs and critical supply chains back home to Michigan.
During the mission, the governor opened Michigan’s first-ever Taiwan office focused on securing investments in key industries like automotive, semiconductors, renewable energy and advanced manufacturing to create good-paying jobs. The governor also announced four new economic development projects coming to Michigan, including LT Precision Michigan, LLC, which is establishing its North American headquarters in Holland, creating 70 new jobs and investing $43.2 million in the local economy.
“Michigan is a leader on the global stage, and it was an honor to share the story of our state with the help of our partners from South Korea and Taiwan,” Whitmer said. “With this investment mission and every future opportunity, my top priority is to bring more jobs, investment, and economic prosperity back home to Michigan.
“Whether forging connections with companies, meeting with dignitaries, or connecting with alumni from our great state universities, I have been proud to share what Michigan has to offer,” she added. “I would like to thank the Michigan delegation of business and government leaders who travelled on this mission with me, and our host countries for a successful trip. I look forward to building a bright future together.”
InterBattery Show and Company Meetings On Wednesday, the governor attended the InterBattery Show in Seoul, spending time at the Michigan booth and visiting leading battery manufacturing companies Samsung SDI and LG Energy Solution (LGES).
Both companies have a strong presence in Michigan: Samsung SDI America Inc.’s North American headquarters are in the city of Auburn Hills, and in September 2023, the manufacturer of lithium-ion batteries for the auto industry announced a $41 million investment to double its manufacturing capacity in Auburn Hills to meet customer needs in the automotive sector, creating 368 new jobs.
Meanwhile, LGES announced a $1.7 billion investment in March 2022 to expand operations in Holland – the battery maker’s first major expansion in Michigan since 2010. LGES’ expansion will quintuple the plant’s capacity to help produce battery components as Michigan’s electric vehicle industry grows.
One-third of U.S. battery production and development takes place in Michigan.
In the evening, the governor participated in a University of Michigan networking event to connect with local alumni, celebrating the National Championship football team and encouraging their continued engagement with their alma mater.
On Thursday, the governor met with companies including SK Siltron and Hyundai Mobis, which both have a presence in Michigan, to discuss the state’s leadership within the semiconductor and automotive manufacturing industries. In August 2021, SK Siltron CSS announced plans to expand production of silicon carbide wafers. In September 2022, the semiconductor wafer manufacturer celebrated the ribbon cutting at its new manufacturing facility in Bay City. SK Siltron’s $300 million investment strengthened its commitment to Michigan and further boosted the state’s leadership in the national semiconductor supply chain.
The governor also met with South Korean President Yoon to further build connections between Michigan and South Korea and attended a dinner with the Gyeonggi Provincial Government.
On the mission’s final day in Korea, the governor met with companies including LGES and Hyundai Motor Company to further tout the state’s leadership in automotive manufacturing and the electrification of mobility.
In 2023, Business Facilities ranked Michigan No. 1 for Automotive Industry and EV Investment in its 19th annual rankings report.
The Internal Revenue Service announced tax relief for individuals and businesses in parts of Michigan affected by severe storms, tornadoes and flooding that began on Aug. 24, 2023.
These taxpayers now have until June 17 to file various federal individual and business tax returns and make tax payments.
The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). Currently, this includes Eaton, Ingham, Ionia, Kent, Livingston, Macomb, Monroe, Oakland and Wayne counties. Individuals and households that reside or have a business in these localities qualify for tax relief.
The same relief will be available to any other Michigan localities added later to the disaster area. The current list of eligible localities is always available on the disaster relief page on IRS.gov.
The tax relief postpones various tax filing and payment deadlines that occurred from Aug. 24, 2023, through June 17, 2024 (postponement period). As a result, affected individuals and businesses will have until June 17, 2024, to file returns and pay any taxes that were originally due during this period.
This means the June 17, 2024, deadline will now apply to:
Individual income tax returns and payments normally due on April 15, 2024.
2023 contributions to IRAs and health savings accounts for eligible taxpayers.
Quarterly estimated income tax payments normally due on Sept. 15, 2023, Jan. 16, 2024, and April 15, 2024.
Quarterly payroll and excise tax returns normally due on Oct. 31, 2023, Jan. 31, 2024, and April 30, 2024.
Calendar-year partnership and S corporations that had a valid tax-year 2022 extension that ran out on Sept. 15, 2023, or have a 2023 return normally due on March 15, 2024.
Calendar-year corporations and fiduciaries that had a valid tax-year 2022 extension that ran out on Oct. 16, 2023, or have a 2023 return and payment normally due on April 15, 2024.
Calendar-year tax-exempt organizations that had a valid tax-year 2022 extension that ran out on Nov. 15, 2023, or have a 2023 return normally due on May 15, 2024.
In addition, individuals and businesses that had an extension to file their 2022 returns will also have until June 17, 2024, to file them. However, tax-year 2022 tax payments are not eligible for this relief because they were originally due last spring, before the disaster occurred.
In addition, penalties for failing to make payroll and excise tax deposits due on or after Aug. 24, 2023, and before Sept. 8, 2023, will be abated as long as the deposits were made by Sept. 8, 2023.
The IRS disaster relief page has details on other returns, payments and tax-related actions qualifying for relief during the postponement period.
The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. These taxpayers do not need to contact the agency to get this relief.
It is possible an affected taxpayer may not have an IRS address of record located in the disaster area, for example, because they moved to the disaster area after filing their return. In these kinds of unique circumstances, the affected taxpayer could receive a late filing or late payment penalty notice from the IRS for the postponement period. The taxpayer should call the number on the notice to have the penalty abated.
In addition, the IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization.
The IRS urges anyone who needs an additional tax-filing extension, beyond June 17, for their 2023 federal income tax return to request it electronically by April 15. Though a disaster-area taxpayer qualifies to request an extension between April 15 and June 17, a request filed during this period can only be submitted on paper. Whether requested electronically or on paper, the taxpayer will then have until Oct. 15, 2024, to file, though payments are still due on June 17. Visit IRS.gov/extensions for details.
GRAND RAPIDS — The Right Place, Inc., in collaboration with the Michigan Economic Development Corporation (MEDC) and the City of Kentwood, announced SnackCraft will be expanding its headquarters at 4444 52nd St. in Kentwood, creating up to 37 new jobs and $29.9 million in capital investment.
SnackCraft LLC is a gluten-free, allergen-controlled contract manufacturer of baked and salty snack foods based in the City of Kentwood and is a subsidiary of Greece-based Unismack S.A. SnackCraft was established in Kentwood in 2022 as Unismack’s first North American manufacturing operations and its U.S. headquarters. The company is experiencing rapidly increasing demand for its products and plans to expand at its existing location.
First established in Greece in 2008, Unismack specializes in R&D and manufacturing high-quality, natural baked snacks free from allergens and artificial ingredients. SnackCraft’s products include baked crackers, tortilla chips, pellet snacks, and baked extruded snacks made of unique ingredients like lentil flour, chickpea flour, vegetable flours, whole grain corn, various seeds, and other innovative natural ingredients.
The company plans a 186,000-square-foot expansion resulting in 311,000 square feet of manufacturing, warehousing, and distribution space. The project will further boost Michigan’s agribusiness industry and bring immediate, well-paying jobs to the area. In addition, the project will bring immediate good jobs to the area and serve as the hub for the company’s future operations in North America.
“The expansion demonstrates our commitment to the area and enables the future growth potential for both existing and new customer opportunities, as well as securing SnackCraft’s long-term food manufacturing platform,” said Joseph F. Riley, CEO of SnackCraft.
The Right Place worked closely with MEDC to ensure the company continued its growth in the region rather than an out-of-state location. They offered support by effectively organizing state and local resources, including a 50-percent property tax abatement supporting the project from the City of Kentwood. This project will further boost Michigan’s agribusiness industry and bring immediate, well-paying jobs to the area as SnackCraft grows its hub for future operations in North America.
“I connected with SnackCraft in early 2022 when they were in the process of establishing their first North American operations here in Kentwood,” said Brent Case, VP of Business Attraction at The Right Place and project lead. “Being part of their journey, from the initial stages to helping with their expansion just over a year later, has been an incredible opportunity. I’m excited to see what’s in store for them moving forward.”
“The City of Kentwood is proud of our open for business culture and our commitment to collaborating with local, national and international companies to create jobs and foster economic growth in our community,” Kentwood Mayor Stephen Kepley said. “SnackCraft has been an excellent community partner, and we’re delighted to see the company continue to expand its operations and workforce in Kentwood and look forward to celebrating their continued success.”
Information on careers with SnackCraft can be found here.
DETROIT – Better Made Snack Foods – still made fresh daily in Detroit – is celebrating National Potato Chip Day on Thursday, March 14, marking the 171st anniversary of the potato chip.
What started as a practical joke became a staple in millions of homes across the United States and other countries. According to folklore, here’s the story of the joke that became an instant sensation: Potato Chips were first made in 1853 while Commodore Cornelius Vanderbilt was on vacation in New York.
While at the Moon’s Lake Lodge, he kept sending his fried potatoes back to the kitchen because he said they were too thick and not crunchy enough. The chef, a Native American named George Crum, decided that he would slice them paper-thin, fry them in oil, and salt them as a joke to the Commodore. It backfired as they became an instant success and the restaurant became well known for them
In 1896 when chips became a staple in cracker barrels and in glass cases, a woman came up with the idea of using a heated iron and waxed paper to form the first potato chip bag. The bags were filled to order and they sealed shut with a warming iron. And believe it or not, during WWII, the government declared potato chips to be a nonessential food and banned their production. It wasn’t until a loud cry went up all over the country that they rescinded their order.
“Better Made potato chips have been a fresh, great-tasting snack food for 93 years,” said Better Made President Dave Jones. “We have an extraordinary fan base here in Michigan and that fan base continues to grow and spread across the United States.
“Our locally sourced potatoes and high-quality seasonings make our potato chips great, but it’s our loyal customers who consider Better Made a staple that keep us going,” he added. “Our flat rate shipping makes it easier than ever to send your favorite snacks to your favorite people anywhere in the contiguous U.S.”
