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economy

Two auto workers on an assembly line
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A recession may be on the way in the U.S. - and it may already have arrived in Michigan.

Charles Ballard is an economist at Michigan State University.

He says there has been essentially no job growth in Michigan in the first half of 2019.

Dollar General parking lot
Wikimedia Commons / http://bit.ly/1xMszCg

 

In 2010, there were 247 Dollar General stores in Michigan. Now there are more than 500. 

 

And many of the new stores are located in rural areas and small towns in Northern Michigan. 

Kaye LaFond / Michigan Radio

About 7,000 Michigan workers went through a layoff in 2018, according to data from the state. That number was about the same as in 2017.

The list doesn’t include everyone who lost a job for the year. And, overall, the state gained more jobs than it lost in 2018.

Steve Carmody / Michigan Radio

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.

hurricane michael satellite image
NOAA

This week, Stateside has been bringing you a series of conversations about the recent National Climate Assessment, a report compiled by 13 federal agencies that breaks down how climate change is projected to impact different regions of the United States.

Andrew Hoffman is a the Holcim Professor of Sustainable Enterprise at the University of Michigan’s Ross School of Business. He joined Stateside to talk about the risk climate change poses to the economy, and how that risk might help convince people skeptical about climate change to change their mind. 

Daniel Howes / Detroit News

Judging by conventional wisdom and all-knowing polls, President Donald Trump and his Republicans face a historic wipeout in the coming mid-term elections.

But if you accept the Clintonian notion that “it’s the economy, stupid” such thinking may be just a bit too conventional.

Haleem "Stringz" Rasul dances with Zimbabwe dancer Francis "Franco Slomo" Dhaka during a trip to Zimbabwe
Zimbabwe Cultural Centre of Detroit

On today’s Stateside, we answer your questions about what happens if Michigan voters legalize recreational marijuana. And, the story of broadcast executive and former Detroit Tigers owner John Fetzer’s exploration of new-age spiritual movements.

Jason Henry / The California Sunday Magazine

Some start-up tech companies are skipping the cutthroat atmosphere of Silicon Valley and instead opting for the Midwest.

Matthew Shaer wrote an article about that trend for The California Sunday Magazine. He joined Stateside to discuss what attracts tech companies to the Midwest, what differentiates Midwestern tech culture from that of Silicon Valley, and how the tech boom is reshaping the Midwestern economy.

Job application and pen
flazingo.com / http://j.mp/1SPGCl0

When it comes to unemployment insurance, Michigan is the worst state in the Midwest for unemployed workers. A recent report from the Michigan League for Public Policy says the maximum benefits paid to the state's unemployed workers are the lowest in the region.

This Week in Review, Weekend Edition host Rebecca Kruth and senior news analyst Jack Lessenberry talk about what Michigan needs to do to clean up its act.


Courtesy of Tim Mroz

The Next Idea

West Michigan is one of the most economically healthy regions in our state. It’s been cited as the fifth fastest-growing city in the country.

By digging into what’s made West Michigan such a good place for businesses to take root and grow, other communities might find something to learn.

user clarita / morguefile

What happens to the state’s economy when 600,000 more Michiganders get health insurance, thanks to the state’s Medicaid expansion – AKA the Health Michigan plan that’s part of the Affordable Care Act?

According to Dr. John Ayanian, professor and director of the Institute of Healthy Policy and Innovation the University of Michigan, you get about 30,000 new jobs a year.

Invoice
user miguelb / Flickr - http://j.mp/1SPGCl0

The economy. It’s an election issue, a global issue, and, for most Americans, a personal issue.

Gaging how well the economy is doing can be very difficult for economists. Measuring economic success on the national level relies on the stock market, unemployment numbers, and wage growth.

But these measurements don’t always represent how Americans feel about the economy on a personal level.

To find out how people are feeling on a personal level, Marketplace and Edison Research have teamed up to develop the “Economic Anxiety Index.” 

user Mitchell Haindfield / Flickr - http://j.mp/1SPGCl0

Homelessness in Michigan is dropping.

That's according to a 2015 report by Ending Homelessness in Michigan. They found the number of homeless residents decreased by 6% in Michigan to 69,163 people.

flickr user Gage Skidmore/Flickr / http://j.mp/1SPGCl0

Donald Trump and Hillary Clinton made stops in Michigan this week to give their big economic speeches. 

Ken Sikkema and Susan Demas joined us today to talk about those speeches and how they might impact the presidential race.

Flickr/jnn1776 / http://michrad.io/1LXrdJM

For generations, the idea of the American Dream has fueled dreams, aspirations and accomplishments.Work hard and build a better life. Get ahead. And watch your children climb even farther up the ladder of success.

A recent NBC News online poll found that 57% of Americans believe the American Dream is dead.

Charles Ballard, Michigan State University economist, talks about what it means for the way we plan, spend, and work.

Courtesy of Daniel Howes / https://twitter.com/DanielHowes_TDN

This week, more than 20 of Michigan's top CEOs are on what you might call a field trip.

They're visiting Israel to discover what it took to transform that nation from virtually nothing into one of the most innovative economies in the world, all in the span of just 70 years.

Sticky note with "find job" written on it.
user Flazingo Photos / Flickr - http://michrad.io/1LXrdJM

What will it take to get Michiganders into good jobs?

The Center for Michigan has spent the last year asking questions of more than 5,000 Michiganders for its "Getting to Work" public engagement campaign.

This is the sixth such public engagement campaign conducted by the non-profit and nonpartisan Center for Michigan.

This political cartoon was printed in 1812 in reaction to the newly drawn state senate election district of South Essex created by the Massachusetts Legislature to favor the Democratic-Republican Party candidates of Governor Elbridge Gerry.
Elkanah Tisdale / Boston Centinel, 1812

Michigan Radio and Public Sector Consultants conducted a poll of 600 likely voters from Aug. 4-8 about how they felt financially, possible changes in redistricting, and the potential legalization of recreational marijuana.

In terms of those saying they're better off, Jeff Williams, CEO of Public Sector Consultants says things look relatively "rosy" for Michigan. More than half say they're "about the same," and around a quarter of them say they're "better off."

According to Brian Connors, China has already invested over $3 billion in Michigan’s economy, and that is expected to increase over the next decade.
flickr user Osrin / http://j.mp/1SPGCl0

    

It has been a wild ride on Wall Street this week and it's only Tuesday.

On Monday, the Dow plummeted more than 1,000 points before closing the day down 3.6%.

Today, investors were in a buying mood and the Dow went up. 

Tamar Charney

I muttered "sorry" as I handed over my credit card to buy an 80-cent locally grown peach from the cute little farm market near the office.

"It's 2015, nobody carries cash" was the hippie hipster cashier's response. It's true I almost never carry cash, but still from time to time I'm embarrassed to use a credit card knowing that the card fees relative to my purchase make no sense for the store. But I hate dealing with cash.

Except that's not quite true. I'm actually conflicted about cash.

United Auto Worker contingent at a protest in New York.
Thomas Good / wikimedia commons - http://michrad.io/1LXrdJM

The current negotiations over the contracts are continuing pretty much out of the spotlight. There’s a delicate balance that both sides are trying to pull off.

Detroit News business columnist Daniel Howes shared the "wants" and "needs" of both sides in these contract talks with us.

He penned a column today in the News about the talks.

Flickr user 401(K) 2012 / http://michrad.io/1LXrdJM

With unemployment down, U.S. car and truck sales up, and consumer sentiment indices up, all the traditional signs point to an improving economy.

So why is it that many of us aren't feeling this prosperity?

Tom Walsh dug into this question for the Detroit Free Press.

Apartment building in Detroit
Joseph Wingenfeld / Flickr

To afford an average two-bedroom apartment in Michigan, you would need to make $15.16 an hour, according to a recent study done by the National Low Income Housing Coalition. 

The hourly housing wage was derived under a few assumptions, the most significant being that the cost of rent and utilities shouldn't exceed 30% of a person's total income. 

Cargo ship coming into San Francisco Bay.
C.M. Keiner / Flickr

It's called The Trans-Pacific Partnership, and it's big.

The proposed trade deal among the U.S., Canada and 10 nations in the Asia-Pacific region could cover 40% of America's imports and exports.

Fatima Mixon shows her Focus: HOPE certificate. She got a job because of the training program.
Lester Graham / Michigan Radio

If you live in Detroit, getting a job is just the first hurdle. Sometimes you have to be incredibly resourceful just to get to work.

After finishing her training at Focus: HOPE to become a machinist, Fatima Mixon did not find a job in the city of Detroit.

But she did get a job in Warren, Michigan. She was put on the midnight to 8:00 a.m. shift. Shift work is the worst for people who need to take the bus to work. The buses don’t run overnight.

The Index of Consumer Sentiment has been increasing lately.
U of M

WASHINGTON - A survey finds U.S. consumers are more optimistic about the economy than at any other time in the past eight years, buoyed by more jobs and falling gas prices.

The University of Michigan says its index of consumer sentiment has jumped to 93.6 from 88.8 in November.

Governor Rick Snyder plans to sign an executive order this morning to create a new state department with a focus on improving the state's workforce. It will be called the Department of Talent and Economic Development.

The Michigan Economic Development Corporation will be moved into it. So will the state's unemployment agency. Governor Snyder says developing talent will give Michigan an edge over other states and countries in attracting employers.

A more seamlessly connected experience.

That's what Jeff DeGraff thinks Michigan needs to move its economy forward. DeGraff is our partner for The Next Idea. He's a clinical professor of management and organizations at the U of M Ross School of Business.

DeGraff says he sees Michigan’s economy as three distinct parts: large multinational corporations based in the greater Detroit metro area; mid-level businesses in western Michigan; and small startups in places like Ann Arbor that have young, vibrant, and intelligent people.

Click on the link above to hear Cynthia's conversation with DeGraff.

Time to turn Michigan's "three economies" into one

Dec 1, 2014
Wikimedia

When it comes to economic growth in Michigan, one size does not fit all. Take a look at the varying scope and scale of companies here and you’ll find a general pattern of three different types of businesses associated with different regions:  large multinational corporations in Southeast Michigan, small high-tech start-ups in Ann Arbor, and family-owned, mid-size companies in Western Michigan.

Shredded dollar
TaxCredits.net / Creative Commons http://michrad.io/1LXrdJM

More economists are telling us that income and wealth inequality is growing in the U.S.

The Economist declared that inequality in wealth in America is approaching record levels. They argue that the gap between the haves and the have-nots is getting wider as the rich get richer.

Michigan State University economics professor Charlie Ballard joined us today to talk about this wealth disparity in the U.S.

You can listen to our conversation below.


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