It’s good to peer into the future and try to see where things are going. Sure, things can change in a heartbeat, but generally speaking seeing what’s coming next helps make decisions now. To that end, we’re taking a look at Michigan’s economic forecast for the next three years to see what we might expect.
Here are Five Fast Facts on Michigan’s economic outlook:
- ✂️ Big Cuts - Recent news has been littered with job cuts from major employers like Stellantis and GM, but they are far from alone. In Michigan, those are the biggest and most painful ones, though. 😣
- 💀 Unemployment - Looking at the big picture, Michigan is still going the wrong direction on jobs. The unemployment rate is 4.4%, a 17% increase over the 3.7% where it was a year ago. Doh!
- 💨🔥 The Suits Say - Despite the jobs situation – and the fact that disposable income per capita is also down – the fancy suits are optimistic. They say that there will be a slowdown for the rest of this year, but in 2025/2026 things will fire back up. First the grill, then the economy!
- 🤔 Recent History - The suits’ rationale is based largely on the fact that Michigan has added jobs every year except one (2020) since 2011. That’s good news, even if it does seem like a bit of selective blindness. 🙈
- 🌎 Nationally Speaking - Looking across the country, Michigan seems to be on the front of the “slowdown” curve, as jobless benefits claims are lower nationally, but the suits are also predicting a similar slowdown pattern for the nation. Um, yay for being the first to go down the curve…?
🔥Bottom line: The good news is that things are looking better at some point. We seem to have a slog to go through before we get there, but hopefully it’s not too bad along the way.
How does this outlook make you feel?
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