NH CITIZENS BUSINESS CONDITIONS INDEX JUMPS IN Q2
The national Citizens Business Conditions Index (CBCI) rose to 52.2 in the second quarter, pushing into expansionary territory after taking a step back at the beginning of the year. The reading above 50 indicates that economic momentum is building, in this case due to higher company revenue coupled with the prospect of easing monetary policy, which lowers the cost of capital.
New Hampshire jumped up to 53.68, an increase of 3.5% since last quarter and 5.4% since last year.
“Increasing company revenue drove the Index higher in the second quarter as our clients felt some wind in their sails,” said Eric Merlis, managing director and co-head of global markets at Citizens.
The underlying components of the Index were neutral but provide a solid foundation for growth in the coming months.
Key finds from the report include: The ISM non-manufacturing component remained in expansionary territory but declined from the first quarter. The ISM manufacturing component was contractionary for the seventh consecutive quarter.
Employment trends, as measured by initial jobless claims, continued to show resilience and were neutral to the Index.
New business applications were neutral for the quarter but remain elevated relative to pre-pandemic levels.
The activity data of Citizens’ Commercial Banking clients showed strong revenue trends after a weak first quarter, serving as the main engine for the Index’s uptick.
Overall, the second quarter CBCI reveals a business environment that has adapted to a sustained period of higher rates.
“The second quarter index reading shows a business environment that is turning the corner with the prospect of easing monetary policy and cheaper capital,” said Merlis. “Concerns about inflation persist but the economy has shown resilience and seems poised for greater expansion.”
TESLA MARKET SHARE SHRINKS 33% IN 2 YEARS
According to the stock analysis website Finbold.com, Tesla Motors (TSLA) has been having its fair share of troubles in 2024 as the entire electric vehicle (EV) industry has been facing a slowdown.
Despite the trend, Finbold’s research found that competition has only grown stiffer and has managed to significantly reduce the market dominance in the U.S. of Elon Musk’s EV maker from 74.8% at the start of 2022 to 49.7% in the second quarter of 2024.
Finbold analyzers also noted that other companies have been displacing Tesla, so its market share dropped in six out of the previous nine quarters, with the single biggest decline of 9.3% happening by Q3 2023 and the single biggest gain of 4.4% occurring in Q1 of the same year.
Simultaneously, other companies focused on electric vehicles have failed to carve out a significant market share as, by Q2 2024, the Lucid Group (LCID) stands at 0.6% and Rivian (RIVN) at 4.2.
On the other hand, legacy car makers have been showing their ability to transition to greener products, with the greatest growth coming from General Motors (GM), which commanded a mere 0.3% at the start of 2022 but rose to 6.6% in 2024.
Elsewhere, Hyundai — together with its subsidiary, Kia — has been clashing with Ford (F) for the second spot on the list of the biggest EV makers in the country, with the former having a market share of 11.2% and the latter of 7.2%.
HPM INSURANCE ACQUIRES INSURANCE SAVERS
HPM Insurance recently announced the acquisition of Insurance Savers Agency of Littleton and Thornton, NH. Since opening its doors in May 1998, Insurance Savers Agency has met the insurance needs of individuals and businesses.
The purchase of Insurance Savers Agency expands the footprint of HPM Insurance further north in New Hampshire, with current offices located in Amherst, Bedford, Goffstown, Laconia and Bristol.
“Insurance Savers was built on personal service, attention to our customers’ needs and trust,” said Insurance Savers agency president Gary Finkle. “We decided to join HPM Insurance because they value personal relationships with their clients and echo our customer-centric philosophy. Partnering with HPM will bring additional markets, products, resources and options to our valued customers.”
“We are pleased to have the opportunity to expand further into northern New Hampshire as Littleton and the surrounding towns are beautiful and vibrant communities that care about protecting their property and well-being,” said Lyle Fulkerson, president and CEO of HPM Insurance. “We look forward to working with Gary and the Insurance Savers team and welcome them and their clients to HPM Insurance.”
