Mich. in 4th year of recovery, but slowed in 2012
Economist: Mich. starting 4th year of recovery; moderate growth expected through 2015
A University of Michigan economist says Michigan is starting its fourth year of recovery after a nearly decade-long recession.
George Fulton told lawmakers and experts Friday at the state Capitol that economic growth slowed in 2012, but he still envisions a moderate recovery through 2015.
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Detroit's three automakers are projected to sell 300,000 more vehicles a year in the U.S. in the next three years.
Other bright spots are a turnaround in the housing sector and a declining unemployment rate. Fulton warns that job growth is sluggish, though, and not as robust as it was after past recessions.
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Economists also are basing their assumption on the federal debt ceiling being raised without deep spending cuts in Washington.
Michigan unemployment figures dropped for the majority of Michigan's regional labor markets, but increased in northern areas.
The state said early in January that Michigan's seasonally unadjusted jobless rate was at 7.9 percent in November, down from 8.3 percent in October.
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