Displaying items by tag: WE Upjohn Institute for Employment Research
A combination of factors came together in 2019 to take a bite out of Michigan’s economy. The six-week General Motors strike, white-collar job cuts at GM and Ford early in 2019, a slowing manufacturing sector, and relatively flat auto sales collectively held back the state’s growth this year.
On top of ongoing trade disputes and the disruptive GM strike, two statistical gauges of the U.S. manufacturing industry hit new lows, leaving economists and manufacturers preparing for a meaningful economic shift from a decade of growth.
Whether the West Michigan manufacturing industry continues on an ongoing growth trend in 2019 or veers into a contraction remains uncertain. Economist Paul Isely, associate dean for undergraduate programs in the Seidman College of Business at Grand Valley State University, uses automotive, furniture, agriculture, and “amazingly nowadays” aerospace manufacturing to find the pulse of where the region’s economy is headed in the coming months and years.
Interest rates likely will rise again in 2019. How much and how often remains the question following the latest quarter-point increase in the federal funds rate last week by the Federal Open Market Committee (FOMC), which for two years has been raising interest rates from historic lows reached a decade ago during the Great Recession.
Michigan’s economy will see slower economic and employment growth in 2019 amid the ongoing tight labor market and less U.S. economic growth, economists say.
Robert Dye views 2019 as a “transitional year” for the U.S. economy as a trio of forces align to moderate growth during the year.
Backers of a law mandating paid sick leave in Michigan say they’ll launch a new petition drive to put the issue on the 2020 ballot if lawmakers weaken it during the lame-duck legislative session in Lansing.
As the U.S. wades deeper into a trade war with countries including China, West Michigan-based office furniture manufacturers have been forced to raise prices and re-evaluate their supply chains to mitigate risks.
As discussions over international trade policies have ramped up in recent months, West Michigan farmers say more needs to be done to ensure the U.S. has a “level playing field” with other countries.
New tariffs and an escalating global trade war in recent weeks have stoked fears that global manufacturers will move production outside of the United States to protect their margins.