Michigan Economic Forecast Revised: Mostly Sunny
DETROIT (WWJ) – According to a respected University of Michigan economist, the worst may be over for the state’s economy.
WWJ Newsradio 950’s Paul Snider reports that U-M Economist George Fulton’s latest economic forecast paints a much rosier picture for the state hardest hit by the recession.
Fulton believes Michigan bottomed out in the summer of 2009 and has experienced sustained jobs growth since then, the first gains spanning a year’s time since 2000.
Fulton estimates that 2011 began with a robust annualized job growth rate of 3.8 percent, reflecting a revitalized manufacturing sector.
He’s predicting a more modest growth rate of eight-tenths of one percent in the second quarter, 1.1 percent by the end of this year and a healthy 1.9 percent in 2012.