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National & World Ag News Headlines |
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Michigan's Economy Poised to Break Job Growth Record
USAgNet - 11/21/2018
The Michigan economy, with nine years of uninterrupted job growth from the third quarter of 2009 to the third quarter of 2018, sits on the brink of the longest period of job growth since the World War II era, University of Michigan economic forecasters say.
The current job-winning streak ties with the period ranging from the spring quarters of 1991 to 2000. And despite some slowing in job growth, the forecast for the next two years looks positive, say U-M economists Gabriel Ehrlich, George Fulton, Donald
Grimes and Michael McWilliams and researcher Jacob Burton.
"That's the good news," said Ehrlich, director of U-M's Research Seminar in Quantitative Economics. "The mixed news is that job growth is slowing down as the labor market tightens."
Their annual analysis of the state's economy also takes a deep look at where Michigan's under 65 population growth will come from in the coming years--international migration and the attraction and retention of college-educated young adults.
Michigan saw a 29-percent rise in the number of college-educated 25-to-34-year-olds from 2010 to 2017. And 13 of the 16 largest cities in the state surpassed the national average growth rate in attracting young adults with at least a bachelor's degree.
International migration is forecast to make up 55 percent of Michigan's population growth through 2025.
"International migration is an especially important driver of Michigan's population growth because without it, the state's population aged 64 or younger is projected to shrink by 200,000 residents by 2025," Ehrlich said.
The overall 2019-20 forecast for Michigan sees steady but muted job growth, low unemployment, tame inflation and an economy that continues to diversify.
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