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Mon September 24, 2012
Michigan's economic recovery "broadening"
A new report claims Michigan’s economic recovery is starting to “broaden” beyond the state’s manufacturing base.
Comerica Bank’s “Michigan Economic Activity Index” follows: non-farm payrolls, exports, sales tax revenues, building permits and other indicators of the state’s economic direction.
And according to those measures, Michigan’s economic activity is at a level not seen since 2002.
Robert Dye is Comerica Bank’s Chief Economist. He says its good news. But there are other issues to watch closely.
“We still want to see some growth here before we feel like the state has recovered from a very, very long recession that Michigan has been in,” says Dye, referring to the one state recession that has burdened Michigan’s economy since 2000.
Dye cautions that weakening economies in Europe and China could hurt Michigan’s recovery.
He adds that the looming “fiscal cliff” of federal budget cuts and tax increases set to take effect at the end of the year could do serious damage to Michigan’s economy.