Economists are predicting Michigan’s economy will slow down in 2019.
Charles Ballard is an economist at Michigan State University. He says there are growing signs that the U.S. economy could be headed toward a recession.
“I’m not painting a picture that this is going to be 2009 all over again,” says Ballard. “But I do think caution would be warranted when we look forward to 2019.”
Ballard is concerned auto sales have plateaued. He does expect continued growth in Michigan’s health care and tourism industries.
Robert Dye is Comerica Bank’s chief economist. He describes 2019 as a “pivotal year.”
Dye admits the latest housing data is “worrisome,” due to pressure from rising mortgage rates.