Retail Sales Drop as Consumers Pull Back on Spending: 6/20/2025
Earlier in the year, American consumers were spending money more freely in an attempt to be ready for sweeping tariffs being put in place by the White House. Not so much recently, as figures released by the Commerce Department this week show. Consumers pulled back from that kind of spending last month, precipitating a 0.9% dropped in sales at retail stores and restaurants, after seeing a 0.1% drop in April, both of which came after a 1.5% increase in March. The May numbers were affected by a steep drop
Fed Leaves Key Interest Rate Unchanged
Despite pressure from the White House to cut interest rates, Federal Reserve officials decided again to leave rates where they are for now, while indicating at least a couple of cuts could be coming later this year. For the fourth straight meeting, the Fed kept its key rate unchanged, but said despite expectations that inflation will rise, they’re still thinking the rate will be cut twice by the end of the year, acknowledging in their report the U.S. economy is growing at “a solid pace.” It’s the same
U.S. Economy Adds 139,000 Jobs in May
The U.S. economy added more jobs than many analysts had reportedly expected, but the job growth overall is still slowing down. Employment data released Friday by the Bureau of Labor Statistics showed the US. had added 139,000 jobs, a number that exceeded forecasts for about 120,000 payroll gains. Still, that number is down from the revised 147,000 jobs added in April. The unemployment rate held steady at 4.2%, remaining near historic lows. NBC News reported that, heading into Friday’s report, other recent
Unemployment Claims Rise to Highest Level since October
In historical context, the numbers of Americans filing first-time unemployment benefits is still relatively low. But they’re on the rise. Filings for unemployment benefits rose to their highest level in eight months, climbing to 247,000 for the week ending May 31, according to statistics released by the Labor Department Thursday. That’s an increase of 8,000 claims and represents the most since early October. According to a report from The Associated Press, analysts had forecast 237,000 new
Study: Businesses Raised Prices Soon After Tariffs Hit
Study: Businesses Raised Prices Soon After Tariffs HitDespite assurances from the White House that the cost of its varying tariff policies would be borne by companies, a study by the Federal Reserve Bank of New York appears to show it’s actually the consumers who are bearing the brunt of the policies, at least early on. The study found that businesses have raised prices quickly in response to tariffs, though they only modestly cut headcount, according to a report from Bloomberg. The report shows that
Tariffs on Steel and Aluminum Imports Doubled to 50%
President Donald Trump issued a proclamation on June 3, 2025, which effectively doubles the tariffs applicable to most steel and aluminum imports into the United States. The new rate is 50%. The effective date for this change is June 4, 2025. These tariff rates, imposed under Section 232 of the Trade Expansion Act, are applicable to steel, aluminum and products derived from them. For products constructed only partially of steel or aluminum, the 50% Section 232 tariff applies to the steel and aluminum
Survey: Michigan Small Business Owners say Growth Hampered by Health Care Costs
Health care costs are a top concern among small business owners across Michigan, according to the latest membership survey from the Small Business Association of Michigan (SBAM). The rise in health care costs has companies rebalancing their books and cutting back on hiring new employees. Seventy-six percent of SBAM members surveyed said the cost of providing health care is affecting their ability to hire more employees, while 51 percent say they’ve had to reduce or eliminate benefits due to costs. “Small
Inflation Gauge Slows Without Tariff Impact – So Far
Inflation Gauge Slows Without Tariff Impact – So FarIf the shifting U.S. tariff policies are having any effect on inflation or prices, it doesn’t appear to be showing yet. In fact, a key gauge used to track inflation slowed last month, as did spending by American consumers despite rising incomes. A report from the Commerce Department showed that consumer prices rose just 2.1% in April, compared with a year earlier, down from 2.3% in March and the lowest since September. Taking out the volatile food and
Finding the Right Talent is Key to Business Growth
Ken Lear is the founder and CEO of 2313, Inc. and Yasmin Moaven is the CEO of fintech company Pipe.Attaining scalable growth – increasing revenues without a corresponding surge in expenses – is no small feat. For an entrepreneur or a small-business owner, it can be an exciting prospect. But attaining that kind of success takes careful planning and innovative thinking to put the leader’s vision into action. To do that, Ken Lear believes, it takes an ability to put together the right team, to onboard
