{"id":247,"date":"2022-08-22T20:23:31","date_gmt":"2022-08-22T20:23:31","guid":{"rendered":"https:\/\/www.ebwmtg.com\/blog\/?p=247"},"modified":"2022-08-22T20:23:33","modified_gmt":"2022-08-22T20:23:33","slug":"experts-spot-recession-signs-in-michigan","status":"publish","type":"post","link":"https:\/\/www.ebwmtg.com\/blog\/experts-spot-recession-signs-in-michigan\/","title":{"rendered":"Experts Spot Recession Signs in Michigan"},"content":{"rendered":"
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Soaring prices for items such as gas, airline tickets, food, and more are signaling alarms to economic experts. According to a June report by the University of Michigan Surveys of Consumers, buyer sentiment decreased by 14.4 percent in June, and roughly 79 percent of consumers anticipate bad times for business conditions in 2023. <\/p>\n\n\n\n

University of Michigan economist Joanne Hsu said, \u201cAs higher prices become harder to avoid, consumers may feel they have no choice but to adjust their spending patterns.\u201d Some economists project a 50 percent chance that the United States economy will slide into a recession before 2024. <\/p>\n\n\n\n

For Michigan, the automotive industry is a telltale sign of a potential recession, as huge layoffs generally begin there. When people are out of work, they swiftly cease taking out vehicle loans. <\/p>\n\n\n\n

Strong consumer demand has outpaced supply, as semiconductor shortages have put auto production behind for nearly two years. This unusual trend is leaving automakers with empty lots. Car sales in April and May of 2022 were ultra-low due to lack of supply, not demand. <\/p>\n\n\n\n

According to some consumers, a recession is already happening due to the United States jobless rate being 3.6 percent in June for the fourth month in a row. For Michigan specifically, the jobless rate was 4.3 percent in May. <\/p>\n\n\n\n

Technically, a recession is labeled as an economy that shows negative growth for two consecutive quarters. It is possible that the United States economy could slip into this trend, but the stark recession in 2020 lasted only two months at the beginning of the COVID-19 pandemic. <\/p>\n\n\n\n

The Great Recession took place between December 2007 and June 2009. The jobless rate stayed around nine percent and higher for most of 2009 and 2010. <\/p>\n\n\n\n

Gabriel Ehrlich, director of the University of Michigan\u2019s Research Seminar in Quantitative Economics, says he doesn\u2019t see a recession as inevitable. He warned that a recession could be sparked by the Federal Reserve\u2019s effort to fight inflation along with the war in Ukraine. <\/p>\n\n\n\n

\u201cAll bets are off if supply chains have major problems. That\u2019s the number one wild card.\u201d<\/p>\n\n\n\n

———————————–<\/p>\n\n\n\n

EB Mortgage<\/a> is a locally owned mortgage company with experts in new home purchase, refinancing, and commercial loans. Our wholesale rates can\u2019t be beaten. We offer more products, more options, and more solutions. Our \u201c3C\u201d Process is simple: complete our pre-approval request, consider options based on your requirements, and choose the offer that suits your needs best. Call us<\/a> or e-mail us<\/a> today!  <\/p>\n\n\n\n

Written by the digital marketing team at Creative Programs & Systems: <\/em>https:\/\/www.cpsmi.com\/<\/em><\/a> <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Soaring prices for items such as gas, airline tickets, food, and more are signaling alarms to economic experts. According to a June report by the University of Michigan Surveys of Consumers, buyer sentiment decreased by 14.4 percent in June, and roughly 79 percent of consumers anticipate bad times for business conditions in 2023.  University of…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-247","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"\nExperts Spot Recession Signs in Michigan - Blog | EB Mortgage<\/title>\n<meta name=\"description\" content=\"Experts Spot Recession Signs in Michigan - Check out our blog to learn the latest and greatest events regarding new home purchasing, refinancing, and commercial loans.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ebwmtg.com\/blog\/experts-spot-recession-signs-in-michigan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Experts Spot Recession Signs in Michigan - 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