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BLM 3Q 2015 Economic Forecast: Short-term growth slightly positive, long-term growth flat

BLM 3Q 2015 Economic Forecast: Short-term growth slightly positive, long-term growth flat
Thursday, Oct 29, 2015
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DETROIT, Mich., Oct 29, 2015 – According to a survey conducted by Business Leaders for Michigan (BLM), the state’s business roundtable, most business leaders forecast the Michigan and U.S. economies will grow modestly over the next six months, followed by flat growth over the next 18 months. “The majority of Michigan’s largest job providers believe that the state’s economy will remain stronger than the nation’s over the next eighteen months, but growth will slow in both markets,” said Doug Rothwell, BLM President & CEO. “The economic recovery is entering its seventh year – historically a long time for expansions. Growth is slowing, but America remains a bright spot in the world economy and Michigan will likely out-perform the nation over the next eighteen months.” Highlights of the survey of Business Leaders for Michigan include:

  • Next six months: Most business leaders believe the Michigan and U.S. economies will remain the same over the next six months (67% and 74%, respectively) with some believing there will be modest growth (26% and 15%, respectively). This is slightly more pessimistic than the July 2015 survey. Qtr+Survey+Image+1
  • Next eighteen months: Business leaders were evenly divided at 26% each over whether the American economy would get better or decline over the next eighteen months with 48% predicting a flat economy. The ooutlook for Michigan was slightly more positive with 30% believing the state economy would improve, 20% forecasting a decline and 50% predicting it would remain flat. Qtr+Survey+Image+2

The survey also found 41% business leaders project their companies will add jobs and make capital investments in Michigan over the next six months. The results reflect a survey of Business Leaders for Michigan’s 80 members, the state’s largest private sector job providers that represent nearly one-third of the state’s economy.

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