Oakland County has been weathering the pandemic storm, with forecasts calling for the jobless rate to decline-and jobs to recover-slightly faster than.
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A respected University of Michigan economic report says Michigan’s post-COVID-19 recovery is already underway and will likely continue.
But it also says a full recovery may take a while.
Gabriel Ehrlich leads the U of M Research Seminar in Quantitative Economics. State government relies heavily on it in its decisions.
“We expect job growth to pick up very nicely through the rest of this year and into next year, and then as we get closer to a full recovery, we do expect job growth to start slowing down a little. But our forecast is for Michigan’s job count to get back to where it was before the pandemic about the end of 2023.”
University of Michigan
The U.S. and Michigan economies are showing signs of the recovery experts hoped for as the population emerges from the pandemic, say University of Michigan economists.
Real gross domestic product-the value of everything produced in a country-has expanded at a 6.4% annualized pace in the first quarter of this year. That’s even better and sooner than expected, economists say, energized by two recent rounds of government stimulus checks and generous unemployment benefits.
What’s more, real GDP would have grown at a 9.1% annualized pace were it not for strong consumer demand and some supply chain disruptions that squeezed inventories.