Michigan’s unemployment rate has dropped two-tenths of a percentage point to 8.3 percent amid predictions the state’s economy will continue to improve – albeit slowly.
“I would say we’re growing at moderate rates and after what we went through in the past decade, I think people are taking this,” says George Fulton, an economist at the University of Michigan.
Fulton told state budget officials today that it appears most of the state’s job-growth will be higher-paying positions in metal-working, computers, and engineering. He expects the state’s jobless rate to go down to 7.7 percent within two years.
Based on projections from Fulton and other economists, state budget officials adopted revenue predictions that give the Legislature an additional $300 million dollars to work with as they wrap up work on the state budget.