Reports: University of Michigan economists project slower job growth at state's revenue conference
University of Michigan economists are predicting job growth in Michigan will slow this year as the economy adjusts to consumers having less money to spend, The Detroit News reported.
George Fulton, director of U-M's Research Seminar in Quantitative Economics, is among the economists who presented their economic forecasts Friday morning at the state's revenue-estimating conference used by Gov. Rick Snyder and lawmakers to determine the annual state budget.
Angela J. Cesere | AnnArbor.com file photo
MLive.com reported on Friday the forecasts show Michigan should replenish nearly 40 percent of the jobs cut during the "lost decade" by 2014. More people are expected to buy cars, homes and services that will lead to moderate growth in jobs and personal income as the state enters its fourth year of economic recovery from nearly a decade-long recession, MLive.com reported.
U-M economists project Michigan's unemployment rate will improve from 2012's 8.9 percent to 8.6 percent in 2013, 7.9 percent in 2014 and 7.2 percent in 2015. MLive.com reported the House Fiscal Agency's forecast is the same, while the Senate Fiscal Agency expects 8.1 percent by 2015.
Snyder is expected to deliver his State of the State address on Wednesday. His annual budget message is expected to follow in February.