Michigan's Economic Struggles Escalate: Recession Confirmed with Nation's Second Biggest Decline
The Federal Reserve Bank released its monthly State Coincident Index and it doesn't make for good reading for people in Michigan. The economies of sixteen U.S. states contracted between July and October, with Michigan experiencing the second most significant decline.
Business Insider reports the coincident indexes "pull together four state-level indicators, including nonfarm payroll employment, the unemployment rate, average hours worked in manufacturing by production workers, and wage and salary disbursements deflated by the consumer price index."
Based on this, Michigan posted a 1.37 percent decline.
While Michigan has entered into a recession, the performances of other states may see the United States as a whole avoid a recession. DataTrek Research cofounders Nicholas Colas and Jessica Rabe said the growth of most states "should be enough to keep the U.S. economy as a whole from falling into recession this quarter."
The University of Michigan released a consumer sentiment index, showing people's confidence in the economy decreased. The November index shows a drop in consumer sentiment from 63.8 to 61.3.
Are you surprised by this report? Are you concerned about the economy in Michigan? Is there anything Gov. Whitmer can do to grow the economy?
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