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The Michigan Economic Outlook for 2023–2024. Jacob T. Burton, Gabriel M. Ehrlich, and Michael R. McWilliams University of Michigan. Introduction. As last summer gave way to fall, Michigan’s economic recovery seemed to be cooling off as well. We were therefore pleasantly surprised to see the state add nearly 20,000 jobs in the fourth quarter of.
the national economy flirts with recessionin late2023 and early 2024. We project Michigan’s unemployment rate to edge up toward 4.5 percent by the middle of next year as labor force growth
Michigan real (inflation adjusted) total GDP increased 13.1 percent over the past year. Michigan’s y-o-y percent change in total GDP ranked 8th largest among all states. State y-o-y real GDP changes ranged from 6.6 percent (Alaska) to 18.1 percent (Tennessee).
Mar 9, 2020 · According to the BEA, Michigan’s economy only grew at a 0.8% pace through the first three quarters of 2019. Meanwhile, between 2010 and 2018, according to the BEA, Michigan’s economy expanded at an annualized pace of 1.7%. Production/Manufacturing. The first set of leading indicators that I discuss are those related to the manufacturing sector.
Presented on: 11/17/2023. The Michigan Economic Outlook for 2023–2025. Jacob T. Burton, Gabriel M. Ehrlich, Donald R. Grimes, and Michael R. McWilliams University of Michigan. Introduction. Michigan’s economy took center stage in national headlines this fall amid the UAW’s “Stand Up. Strike” against the Detroit Three automakers.
Michigan Economic Indicators. DECEMBER 2023. ECONOMIC HIGHLIGHTS. In December, the average expenditure per car overall decreased year-over-year by 6.6%. Domestic car prices decreased year-over-year by 5.2% and foreign car prices fell 7.5%.
2021, 2022 and 2023 Michigan Economic Outlook. ............................................................. 3. Forecast Risks......................................................................................................................... 3. SECTION II: Economic Review.
