U-M Economists Forecast Steady Growth, Gradual Recovery for Michigan Economy Despite Lingering Risks
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U-M economists forecast continued economic growth for Michigan and the U.S. in 2024 and 2025, avoiding recession.
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The UAW strike against automakers this year had less economic impact than feared due to its limited initial scope and timely resolutions.
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Inflation remains a top risk, though it should cool from 5.9% this year to 2.6% by 2025.
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Housing affordability has declined sharply amid high prices and mortgage rates, creating inventory shortages.
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Auto sales should recover gradually to 16.2 million units by late 2024, then accelerate to 16.5 million in 2025 as rates fall.