A University of Michigan report released today offers mixed news about the state of the economy heading into the new year. The report says employment in the state will probably remain steady through the middle of next year before the jobless rate ticks upward.
Michigan’s jobless rate is currently 4.2 percent. U-of-M’s Research Seminar in Quantitative Economics says construction and non-automotive manufacturing industries face challenging times as the pace of job growth in Michigan is slowing.
The report links that to high interest rates and the state of the US economy. But the report finds good news in Michigan’s automotive industry. It says employment in the auto sector could spare the state from the worst effects of a recession.
The report also says overall, net personal income in the state will likely remain steady as any growth in earnings will probably be eroded by inflation and taxes.