Oakland County has been weathering the pandemic storm, with forecasts calling for the jobless rate to decline-and jobs to recover-slightly faster than.
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.
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Economists from the University of Michigan forecast a vigorous economic recovery in Livingston County, but say some economic indicators still are concerning.
University of Michigan economists Gabriel Ehrlich and Donald Grimes released a report this week on the county s economic outlook in 2021-2023.
While some economic indicators point to a strong comeback in the county in terms of job growth and declining unemployment, other indictors concern them, including low wages.
The economists also say some industries won’t fully bounce back within the next few years.
The study, which the UM Research Seminar in Quantitative Economics published, is the first of its kind on Livingston County. It was commissioned by Livingston County, the Economic Development Council and Ann Arbor Spark.