CITIZENS BUSINESS CONDITIONS INDEX FOR Q3
For the third quarter of 2023, the Citizens Business Conditions Index shows a slight improvement in economic conditions thanks to some indications that inflation is dwindling.
According to the report, the index rose to 50.7, up from below 50 in the second quarter, indicating a slow start to growth.
“The U.S. economy was resilient in the third quarter as inflation showed signs of easing despite continued strength in the labor market,” said Eric Merlis, managing director and co-head of global markets for Citizens. “While the operating environment remains fragile, Citizens’ middle market and mid-corporate clients continue to perform reasonably well.”
Some sectors within the index report that showed the business environment’s rebounding, such as employment trends — measured by jobless claims — strengthened throughout the quarter, and the ISM nonmanufacturing sector grew as well, since demand for services remains high among easing inflation.
Additionally, new business applications held steadily, and the ISM manufacturing index showed that the sector continues to contract but did so at a slower rate.
“The third-quarter CBCI shows a business environment that improved over the last quarter as initial jobless claims declined, consumer trends remained resilient and inflation eased,” said Merlis. “From here, the focus will continue to be on policymakers as they navigate a complex economic and geopolitical environment and attempt to walk the fine line toward a soft landing.”
NH SELECTS GENASYS TO IMPROVE PUBLIC SAFETY COMMUNICATIONS
The NH Department of Safety’s Division of Emergency Services and Communications, which manages statewide emergency messaging, has selected the Genasys Protect platform from Genasys Inc. (NASDAQ: GNSS) to keep its residents informed of critical safety messaging from the state as well as local municipalities and severe weather-related notifications.
“The safety of the residents and visitors of New Hampshire is always our top priority,” said Mark Doyle, director of the New Hampshire Division of Emergency Services and Communications.
“Establishing this partnership with Genasys further strengthens our ability to locate, communicate, and connect people in an emergency with the help they need.”
The Genasys Protect platform will allow the state and partnering agencies to send emergency and non-emergency notifications to specific geographic areas, through a phone call, email, and/or text message. The platform combines real-time, data-driven, zone-based evacuation mapping and mass notification technology in order to provide effective planning and management before, during and after an emergency.
“We have a customer first philosophy,” said Richard Danforth, Genasys CEO. “Our experience onboarding global organizations of all sizes including countries, municipalities and large corporations allows us to provide scalable architecture that will bring leading edge technology to the state of New Hampshire.”
NH INSURANCE DEPARTMENT, SOS SETTLE WITH NORTHWESTERN MUTUAL
The NH Insurance Department (NHID) and Secretary of State David M. Scanlan announced in a recent press release that the NHID and the Secretary of State’s Bureau of Securities Regulation have settled two cases against Milwaukee, Wisconsin-based Northwestern Mutual for failing to supervise its agents.
Under the settlement, Northwestern Mutual Life Insurance Company must pay a $200,000 fine to the Insurance Department, and Northwestern Mutual Investment Services must pay a $175,000 fine plus investigative costs of $25,000 to the Bureau of Securities Regulation. Northwestern Mutual has also been issued a cease-and-desist order.
In 2021, the NHID’s Enforcement Division and the Secretary of State’s Bureau of Securities Regulation started an investigation of Northwestern Mutual’s New Hampshire branch offices, when the State discovered that some Northwestern Mutual agents in those offices sent tens of thousands of emails to states where they were not licensed to do business and misrepresented their experience and client base to prospective clients.
As part of the settlement, Northwestern Mutual will explore whether a technological solution exists that identifies instances where their representatives send similar advertising emails on a mass scale to prospects and whether their representatives are licensed in the states in which they intend to send the emails.
Northwestern Mutual will report its progress to the Insurance Department and the Bureau of Securities Regulation quarterly for one year, and will provide additional guidance to its registered representatives. Northwestern Mutual must ensure that all public communications are accurate, do not mislead prospects and do not solicit prospects residing in states where the registered representative does not hold a securities license.