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Wed November 2, 2011
Mixed economic messages: It's all about perspective
If the constant stream of what seems like contradictory economic news leaves you feeling confused, join the club.
Headline No. 1: “Midwest economy slows.”
No. 2: “Michigan surpasses 48 states in growth.”
And No. 3: “Michigan has fourth-highest number of layoffs.”
These are all true stories about the third quarter.
Bob Tomarelli is an analyst with IHS. He says the stories just reflect different aspects of the economy.
“It is doing better," Tomarelli says. "It is recovering at a decent pace, a very quick pace. But things are still not great because it was hit so very hard.”
Tomarelli says most of the 100,000 jobs added in the third quarter were in professional business services and manufacturing. But he says that boost is probably temporary.
So while they are getting a nice short-term burst that’s adding to payrolls and creating some jobs, or at least bringing some jobs back, it is not expected to keep up at that pace, and in the long run is actually expected to decline.”
Most of Michigan’s 29,000 layoffs were in government and financial sectors.