Contact: Lauren Slagter, 734-929-8027, [email protected] Morgan Sherburne, 734-647-1844, [email protected] DETROIT—Two years into the pandemic, 72% of Detroit residents say their financial situation has stabilized or improved compared to a year ago, and there’s evidence that stimulus checks and the expanded Child Tax Credit played a role in reducing Detroiters’ experiences of economic hardship. However, people… Continue reading Majority of Detroiters report stable, improved financial situation compared to year ago
News Tag: Economic Behavior
Supreme Court leaked abortion draft: U-M experts can comment on political, health effects
ANN ARBOR—The U.S. Supreme Court acknowledged a leaked draft opinion on Roe v. Wade, the landmark 1973 court decision that granted federal protection of abortion rights. The University of Michigan has experts who can weigh in on the potential decision, which is expected to be formally announced before the term ends this summer. Below are… Continue reading Supreme Court leaked abortion draft: U-M experts can comment on political, health effects
Rising wages drives both optimism, pessimism on inflation
Contact: Bernie DeGroat, 734-647-1847, [email protected] Surveys of Consumers, 734-763-5224 ANN ARBOR—Consumers voiced much more positive views in April, rising 9.8% above March, according to the University of Michigan Surveys of Consumers. Most of the surge was concentrated in expectations, with gains of 21.6% in the year-ahead outlook for the economy and an 18.3% jump in… Continue reading Rising wages drives both optimism, pessimism on inflation
1 in 5 older Americans experience food insufficiency, according to U-M study
Contact: Morgan Sherburne, 734-647-1844, [email protected] ANN ARBOR—More than 20% of older adults in the United States will experience food insufficiency at some point in their 60s and 70s, according to a University of Michigan study. The study, led by U-M researcher Helen Levy, examined the probability that older adults will experience food insufficiency, or not… Continue reading 1 in 5 older Americans experience food insufficiency, according to U-M study
Inflation: Top consumer issue, top policy challenge
ANN ARBOR—Consumer sentiment declined in March due to falling inflation-adjusted incomes, which was recently accelerated by rising fuel prices, according to the University of Michigan Surveys of Consumers. The year-ahead expected inflation rate rose to its highest level since 1981 and expected gas prices posted their largest monthly upward surge in decades. Personal finances were… Continue reading Inflation: Top consumer issue, top policy challenge
U-M research contributed nearly $100M to state’s economy in ’21
ANN ARBOR—The University of Michigan research enterprise contributed $97 million to Michigan’s economy over the past fiscal year, supporting employment across large and small businesses statewide, according to a new report from the Institute for Research on Innovation and Science (IRIS). The report details how university research spending impacts the economy and provides a geographic… Continue reading U-M research contributed nearly $100M to state’s economy in ’21
Detroit unemployment rate sits at 20%
Nearly 1 in 4 parents out of the labor force report they left in last year DETROIT—Detroit’s unemployment rate—the proportion of adults who are in the labor force but not currently employed—remains at 20%, virtually unchanged over the course of 2021, according to a new University of Michigan survey. This is less than half the… Continue reading Detroit unemployment rate sits at 20%
Career priorities emphasize passion over financial security during pandemic
ANN ARBOR—Job instability during the COVID-19 pandemic reshuffled the priorities of millions of workers, who placed greater importance on work passion rather than financial security, according to a newly published University of Michigan study. Researchers sought to learn more about what happens to the career priorities of college-educated workers who lost their jobs or were… Continue reading Career priorities emphasize passion over financial security during pandemic
Consumer sentiment sinks to decade low
ANN ARBOR—Consumer sentiment fell throughout January, posting a cumulative loss of 4.8%, sinking to its lowest level since November 2011, according to the University of Michigan Surveys of Consumers. The Delta and Omicron variants were largely responsible, but other factors, some of which were initially triggered by COVID-19, have become independent forces shaping sentiment, said… Continue reading Consumer sentiment sinks to decade low
Consumer confidence: Omicron plays holiday Grinch
ANN ARBOR—Although consumers were slightly more optimistic about economic conditions in the December survey, nearly all the data were collected prior to the rapid spread of Omicron in the U.S., according to the University of Michigan Surveys of Consumers. While it is likely that confidence will decline in the month ahead, it is simply too… Continue reading Consumer confidence: Omicron plays holiday Grinch