In Grand Rapids, a recent survey from Grand Valley State University reveals rising economic uncertainty among West Michigan businesses due to the federal tariffs. Brian Long, the director of supply management research, points to a growing discomfort following the notable economic shifts initiated by the previous administration, as optimism fades.
Particularly worrisome is the potential impact of tariffs on the automotive sector, a lynchpin of West Michigan’s economy. Despite stable employment figures over the past 18 months, there’s a palpable tension heightened by state-released statistics indicating rising unemployment.
Long mentions input from a local auto parts supplier who expressed frustration over fluctuating federal policies complicating business planning. “With the escalating on-and-off tariffs, the Michigan economy is especially vulnerable because of the tariff impact on the auto industry,” he stated, noting the daily cross-border movement of automotive parts.
The survey also highlighted several key index results for February: the new orders index decreased slightly to +11 from +13, while the production and employment indices showed stability and concern, landing at +1 and -8, respectively. Details of past surveys can be accessed on the Seidman College of Business website.
A recent survey from Grand Valley State University indicates increasing economic uncertainty among West Michigan businesses, largely due to federal tariffs. Concerns focus on the automotive industry, essential to the region, with rising unemployment numbers further contributing to anxiety. Key indices show mixed results, reflecting the cautious outlook of local enterprises regarding economic planning and stability.
The findings from the GVSU survey underscore significant economic apprehension in West Michigan, primarily due to the uncertainties triggered by ongoing tariff policies. The impact on the automotive industry and consistent employment numbers contribute to a climate of caution among local businesses, signalling a need for strategic adjustments in planning and operations. The survey illustrates the fragile state of the economy as it navigates these challenges.
Original Source: mitechnews.com
