EAST LANSING, Mich. (WOOD) — The Michigan Chamber of Commerce on Thursday released its economic outlook for 2020, saying the state is expected to do well — but not quite as well as the last five years.
Chamber of Commerce CEO Rich Studley said a lot of the economic indicators are very positive:
- Even though interest rates have gone up a bit, they’re still at historic lows.
- The state has over a billion dollars in the rainy day fund.
- Employment is up and unemployment is down.
- Vehicle sales are predicted to be down slightly, but after five years of record sales, the state is still in pretty solid shape.
Still, national and international uncertainty can play a big role in the economy.
“Just a few days ago, we saw a lot of people hit the pause button as they thought about what might or might not happen in the Middle East. It may seem far away but events in the Middle East can have a major impact on the cost of motor fuel, auto sales,” Studley said.
Studley added that financial security is often about economic security.