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DBusiness Daily Update: Lawrence Tech Wins Fourth Collegiate Autonomous Vehicle Title, Pistons Rookie Bey Named Sunday Grand Marshal for Grand Prix, and More
Our roundup of the latest news from metro Detroit and Michigan businesses as well as announcements from government agencies, including updates about the COVID-19 pandemic. To share a business or nonprofit story, please send us a message.
As judges (in yellow shirts) monitor the competition, the LTU Self-Drive Challenge car, prepares for a run. // Courtesy of Lawrence Tech
Our roundup of the latest news from metro Detroit and Michigan businesses as well as announcements from government agencies, including updates about the COVID-19 pandemic. To share a business or nonprofit story, please send us a message.
Either way, the economy is recovering at a healthy pace, and companies are still seeking workers: Job postings in late May were nearly 26% above pre-pandemic levels, according to the employment website Indeed. Government data shows that posted jobs have reached their highest level on record dating back to 2000.
And consumers are opening their wallets. In April, they increased their spending after a huge gain in March that had been fueled by the distribution of $1,400 stimulus checks. With more Americans feeling comfortable about staying in hotels and visiting entertainment venues, spending on services jumped.
Service industries, including banking, retail, and shipping, expanded at the fastest pace on record in May. The evidence suggests that consumers have embarked on a long-anticipated shift away from the large goods purchases that many of them had made while hunkered down at home to spending on services, from haircuts to sporting events to vacation trips.