U of M forecasts more economic growth ahead
ANN ARBOR (AP) — Economists at the University of Michigan say in an annual forecast that the U.S. economy will continue to grow in the coming years and add jobs.
Researchers at the school’s Department of Economics put out the assessment Thursday. They say overall economic output growth, as measured by gross domestic product, will rise to 2.2 percent during 2017, 2.5 percent in 2018 and 2.1 percent in 2019.
The forecast, produced annually by the Research Seminar in Quantitative Economics, notes the tax overhaul pushed by President Donald Trump also could have significant implications for government spending that are not yet known.
The economists say that the national economy will add 3.7 million jobs over the next two years, including 2 million jobs in 2018 and another 1.7 million during 2019.