Economy

Biden’s Proposed Gas-Tax Holiday Faces Some Skepticism in Congress

With gas prices reaching record highs across the country, President Joe Biden on Wednesday said he’ll ask Congress to suspend federal gasoline and diesel taxes for three months –...

Fed Chair: Future Rate Hikes Depend on Whether Inflation Begins to Decline

Federal Reserve Chair Jerome Powell on Wednesday used prepared testimony in front of the Senate Banking Committee to emphasize the Fed's determination to raise interest rates high enough to...

First-Time Unemployment Claims Drop Slightly, Remain at Five-Month High

U.S. workers filed 229,000 claims for first-time unemployment benefits last week. That’s a drop of some 2,000 claims from the previous week, but it still leaves jobless claims as high...

Expert: Business Leaders Facing a Number of Challenges

Labor attorney Olivia Hankinson said during a recent webinar that business leaders continue to face a variety of challenges.

Kellogg Company Announces Separation Of Two Businesses

Officials at Kellogg Company announced a plan separate its North American cereal and plant-based foods businesses. The North American company will remain headquartered in Battle Creek.

Expert: Fed Plans More Rate Hikes Through Year-End; Steeper Path for Interest Rates Increases...

• The Fed raised the federal funds rate 0.75 percentage points June 15, the largest hike since 1994.• FOMC members expect weaker growth and higher inflation than in their prior...

First-Time Unemployment Claims Drop, Remain Near Historic Lows

A week after announcing the U.S. economy had added 390,000 jobs in May, the Labor Department released statistics Thursday showing fewer Americans applied for first-time uemployment assistance last week. According...

Report: New Research Shows the Metaverse Could Grow Up to $5 Trillion in Value...

NEW YORK and LONDON and PARIS (Globe Newswire) —McKinsey & Company released its new report “Value creation in the metaverse,” which shows the metaverse may be too big to...

Study Forecasts 7.5% Growth for U.S. Back-to-School Retail Sales

While inflation is impacting retail sectors and households in a myriad of ways, continued consumer demand contributed to double-digit growth across nearly all retail sectors in May. This is...

Fed Raises Rate .75%, Largest Increase in 28 Years

Fed Raises Key Interest Rate by .75%, the largest increase since 1994

IRS Increases Mileage Rate for Remainder of 2022

With gas prices still climbing, the IRS announced an increase in the optional standard mileage rate for the final six months of 2022.

U.S. Economy Adds 390,000 Jobs in May; Unemployment Rate Remains at 3.6%

While the experts were expecting a slightly more modest gain, the U.S. economy added 390,000 jobs in May.

First-Time Unemployment Claims Jump, But Overall Claims Fall to 50-Year Low

The number of U.S. workers filing first-time claims for unemployment assistance climbed by some 27,000 last week, reaching the third-highest total of the year in the process. But, in a...

Study: Majority of Americans Optimistic About Their Financial Future

CHICAGO (Globe Newswire) — More than half of Americans (55%) remain optimistic about their financial future even as inflation and fears of a recession weigh on their finances. The...

Walmart Adding High-Tech Fulfillment Centers

JOLIET, Ill. (Business Wire) — Walmart has announced plans to build four new high-tech fulfillment centers around the country. The fulfillment centers will implement state-of-the-art automation technology that provides customers...

Pfizer Invests $120 million in Kalamazoo Site, Creates 250 Jobs to Boost Paxlovid Output

Pfizer announced Monday it will invest $120 million in its Kalamazoo, Mich., facility in a move that will create an additional 250 high-skilled jobs.

First-Time Unemployment Claims Fall for 2nd Straight Week

Another week brought another drop in first-time claims for unemployment assistance. According to statistics released by the Labor Department Thursday, U.S. workers filed some 11,000 fewer initial unemployment claims last...

Expert: Housing Market’s Fever Breaking as Interest Rates Rise, But Big Price Drop Unlikely

• New single-family home sales dropped 17% in April as higher mortgage rates shocked the market.• Inventories of new homes are rising, though still pretty tight.• House price increases...

The Right Place Hires Executive Directors for Mecosta, Mason, Oceana Counties

GRAND RAPIDS, Mich. — In late 2021, The Right Place announced the debut of a new and improved model of regional economic development partnerships for participating counties across West...

Experts: Labor Market Still Strong After First-Time Unemployment Claims Fall

What goes up doesn’t always have to come down. But in the case of first-time claims for unemployment assistance, that’s what happened this week. The number of U.S. workers filing such...