Michigan is entering the fourth year of slow improvements in the economy even though job growth slowed down in 2012. That’s the word from economists who spoke at a conference Friday at the state Capitol.
Job growth should accelerate slightly in 2013 and into the next couple of years. University of Michigan economist George Fulton says that’s based on pent-up demand for new cars and trucks and an improved housing market but
“We have a long way to go before making up for the job loss suffered during the past recession,” he says.
Fulton says the state will make up about 40% of the lost jobs by the end of 2015.
State Budget Director John Nixon says, however tenuous, a slow, steady recovery is welcome news.
“And we’re pleased to see the economy improving,” he adds.
And he says that also means more revenue, so the state should not be forced to make cuts to schools or other critical services this year.