Here’s news you can use in a constantly changing business environment, including Michigan’s per capita ranking, the role of service prices in recent inflation figures, measuring ROI on digital ads, the value of humorbragging and more.

1. Michigan ranks 39^th in per capita income — Twenty years ago, Michigan’s per capita income was roughly equal to the national average. In 2022, at $57,038, it was 13% below the U.S. average of $65,470. Economists say that two significant changes could reverse the decline: encouraging more students to get bachelor’s degrees that lead to knowledge-based jobs and aggressive marketing of vibrant places. Get the full story.
2. Sticky service prices — Consumers are seeing relief from inflation in products like gasoline and used vehicles, but inflation is still driving up the cost of services. Things like car insurance, restaurant prices and hospital services are what drove stronger-than-expected inflation in January. Read more.

3. How to tell if digital ads are working — Traditional advertising measurement techniques don’t work for digital ads. A small number of randomized controlled trials is a convenient, cost-effective approach to estimate the return on advertising dollars. See how it works.
4. Less optimism — A survey of 400 Michigan small business owners shows that 50% are somewhat or very optimistic about their prospects over the next six months. This is down from 57% a year ago. Learn what concerns small business owners.
5. Humorbragging — Self-effacing humor in professional settings allows people to highlight their competence and achievements in a way that’s perceived as more likable and less threatening. Discover the effectiveness of humorbragging.

Thank you to our Friday Five sources: Bridge Michigan, Corp!, Kellogg Insight, Small Business Association of Michigan and PsyPost.

 

All loans subject to approval. Rates, terms, and conditions are subject to change and may vary based on credit worthiness, qualifications, and collateral conditions.