Senior Economist David Littmann is heavily cited in a Detroit News story today about Michigan’s declining unemployment rate.
“Signs are trending upward at this point at a relatively slower pace than in the first quarter,” Littmann said of the announcement that unemployment in the state fell in April from 8.5 percent to 8.3 percent. “We’ll get some improvement with some of the reductions in gasoline prices to restore a little bit of purchasing power, but the great uncertainties are still out there getting worse.”
Littmann said things such as the federal overspending crisis and Obamacare will “create chaos for the national economy,” which could impact Michigan.
“Those two industries in particular are the ones to watch for some degree of economic improvement over the next six months,” Littmann said of automobile sales and home sales.