Displaying items by tag: WE Upjohn Institute for Employment Research
Michigan’s economy could stand to benefit in the years ahead as manufacturers move to reshore work to the U.S. after dealing with severe disruptions in their foreign supply chains when the coronavirus first surfaced in China.
GRAND RAPIDS — West Michigan’s economy sits well positioned heading into 2021 to continue recovering jobs lost from the effects of the COVID-19 pandemic, experts said this week.
Two hundred and forty six days passed between Gov. Gretchen Whitmer’s first stay-at-home order to fight the COVID-19 pandemic and new state restrictions scaling back and closing some businesses.
University of Michigan researchers told state officials at this month’s revenue estimating conference they anticipate a gradual economic recovery in the next few years, resulting in an unemployment rate of 6.8 percent by the end of 2022.
The number of Michigan companies using work sharing has spiked during the COVID-19 pandemic but the state program meant to avoid layoffs still represents relatively few participants compared to the number of workers fully unemployed.
Shrinking revenue from sales, income and gasoline taxes could cost state and local governments billions of dollars in the coming months, potentially cutting already stretched services and leading to a prolonged recession without sufficient federal support.
Three weeks ago, Tim Bartik laid out a series of steps to encourage a “V-shaped” economic recovery from the coronavirus pandemic.
Gov. Gretchen Whitmer and federal lawmakers have taken a variety of steps to help businesses and employees navigate the short-term harm posed by the coronavirus.
For Michigan companies scaling back but not completely shutting down as the state tightens restrictions to stop the spread of the coronavirus, a little-used program is drawing new attention as an alternative to layoffs.
Whitmer’s order this week expanding unemployment benefits is part of a suite of state and federal policy options to shield small businesses affected by the coronavirus pandemic.