EAST LANSING, MI –
A new Michigan State University survey finds Michigan residents are slowly regaining faith in the economy - even though 55% say they're worse off than they were last year.
Fifty percent of the people surveyed believe they will be better off next year. Last year, that number was even lower.
MSU economist Charles Ballard directs the survey for the Institute for Public Policy and Social Research. He says, it will take time, but things are moving in the right direction.
"More than half of the folks say that they're worse off than they were a year ago," he explains. "Clearly that's a pretty dismal indicator. It's better than it was but still not very good."
But Ballard says growing optimism could help fuel a recovery.
Michigan's unemployment remains high, but it's leveled off since last year when GM and Chrysler filed for bankruptcy and layoffs were still on the rise.
Also, faith in state government is its lowest point in the 15-year history of the survey.