Starting the Consenus Revenue Estimating Conference. This is where we hear about Michigan's economic forecast and estimate our budget revenue. I'll tweet updates.
This is also known as the CREC. We have to reach consensus with @MITreasEubanks @MI_SenateFiscal and the Michigan House Fiscal Agency to build our budgets. We will see reports from economists and learn about broad economic trends. #mileg
@MITreasEubanks @MI_SenateFiscal The first few indicators--vehicle sales, inflation, job growth, monetary policy, oil prices--suggest slow economic growth. Things look relatively flat. #mileg
@MITreasEubanks @MI_SenateFiscal Good news: we have more job openings than people looking for jobs.
Bad news: our labor participation rate is still down. This means people aren't seeking jobs and is a sign of a weak labor market. Also, compared to our neighboring states, we're not doing as well. #mileg
@MITreasEubanks @MI_SenateFiscal We see this chart every #CREC. By the end of 2020, economists estimate we will recover 82% of the jobs lost in the great recession. #mileg
@MITreasEubanks @MI_SenateFiscal We've heard a few comments about this now and is worth reiterating since we're on the portion of the #CREC talking about risks: our economic growth is potentially limited because of our demographic situation. We need more people in Michigan. #mileg
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