The National Fluid Power Association, NFPA Detroit regional meeting/breakfast was held today. The featured speaker was Martin Lavelle of the Detroit branch of the Chicago Federal Reserve Bank.
It was encouraging to hear his echo of the good news reported in the NFPA Economic Webcast update of last week. Martin forcasted that the US economy will realize GDP growth through 2012. He went on to further explain that the Michigan economy has improved in recent quarters as well. Western Michigan in particular is experiencing a Purchasing Managers Index rating of over 70. The overall economy is showing optimism with anything over 50.
After the Great Recession, all good news is helpful.