ECONOMIC Recession is not likely in Michigan, US in 2024

Recession is not likely in Michigan, US in 2024


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The U.S. economy, which has grown even in spite of high inflation and higher interest rates, is expected to continue avoiding a recession over the next two years, according to a new outlook released Thursday by University of Michigan economists.

And Michigan’s economy is forecast to continue growing as well, according to the forecast from the University of Michigan Research Seminar in Quantitative Economics.

“The state has mounted a vigorous comeback from the pandemic recession in the face of severe supply chain shortages, high inflation, rising interest rates, and now a major strike in its marquee industry,” wrote U-M economists Gabriel M. Ehrlich, Jacob T. Burton, Donald R. Grimes and Michael R. McWilliams.


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