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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).
Sep 27, 2023 · 2024 Economic Outlook. Updated on 09/27/2023. Michigan 2024 Economic Outlook. While our forecast for Michigan does not anticipate recession, the forecast is for tepid growth through 2024. We project 2023 employment will grow at a respectable pace of 2.5 percent, year over year, closing at about 4.47 million jobs based on employer’s reports.
Our baseline forecast remains that Michigan’s economy will slow down but not reverse course amid the mild national recession we expect later this year. We project job growth to slow from 147,000 gains in 2022 to an average of roughly 48,000 per year in 2023 and 2024. The ongoing backlogs of . University of Michigan, Ann Arbor.
A Senate Fiscal Agency newsletter on key economic indicators. 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%.
Introduction. The incoming data have been telling a conflicted story about Michigan’s economy. On the one. hand, the national economy has delivered a surprisingly strong performance recently, with real output. growing above expectations in the second half of 2023 even as inflation has slowed considerably. On the.
The Michigan Economic Outlook for 2023–2025. Jacob T. Burton, Gabriel M. Ehrlich, and Michael R. McWilliams University of Michigan. Introduction. Michigan’s labor market has now made a full recovery from the pandemic recession on one key. metric, the count of its employed residents. The Bureau of Labor Statistics reports that 4,764,400.
Jan 19, 2022 · ECONOMIC OUTLOOK. AND. REVENUE ESTIMATES. FOR. MICHIGAN. FY 2021-22. THROUGH. FY 2023-24. Ann Cleary, Director. January 2022. FOREWORD. This report includes a national and state economic forecast for calendar year (CY) 2021 through CY 2024.
