West Michigan economic recovery picked up steam in March
Data from the March Supply Management Research survey for the local economy indicates a global economic recovery from the coronavirus pandemic is well underway.
“Some of the rest of the world is now turning in record statistics as far as the industrial market is concerned.”
Brian G. Long is director of Supply Management Research in the Seidman College of Business at Grand Valley State University.
“They are blowing off this new wave of increased coronaviruses that we’ve been catching and the industrial firms have been able to stay open, which they were not able to do obviously a year or so ago.”
Long says there’s consumer pent-up demand and additional federal stimulus is fueling an economic comeback on track to expand at the fastest rate in more than 60 years. Too much, too fast is a concern.
“A lot of consumers have a lot of liquidity. Those that do are getting out there and they are spending it. And we're hopeful that we can get into the fall without the economy expanding too fast or too rapidly. If that incurs, we of course, are going to end up with the proverbial economic bubble. Bubbles break.”
Long suggests the new stimulus is not needed. He says the economy has grown sufficiently over the past few months with businesses reopening.