EAST LANSING, MI (WTVB) - More promise for the economy is indicated today, based on a closely watched Michigan State University survey. Are you one of the consumers who are growing increasingly confident about their personal finances. The latest State of the State Survey from MSU signals an overall improving economy with 40% calling their financial situation better this winter than a year ago. Another 31% said they were worse off financially than a year ago. Their views marked a continuing improvement since the spring of 2009, when only 13% said they were better off and 65% said they were worse off.
Michigan residents are also upbeat about their future. Some 59% said they expect to be better off a year from now. Only 20% said they expected to be worse off. Despite the improvements of the last few years, the latest results are much less favorable than those from the late 1990s when the state and national economies were stronger. Michigan has added nearly 300,000 jobs in the last four years but that’s against the backdrop of the state losing about 860,000 jobs in the previous decade. Employment and output in Michigan are still smaller than they were 10 years ago.
The latest survey, completed Feb. 10, 2014, is a telephone survey of 1,008 Michigan adults, including both cell phones and landlines. The margin of error is about 3.09%.