Katherine Yung and Greta Guest of the Detroit Free Press give readers a macroeconomic view of Michigan’s recovery. They offer perspectives from several areas: businesses, social service agencies and sports. The story notes that the Detroit Red Wings sold out their home game season for the first time in five years. They write:
“From rising home sales to a sharp drop-off in first-time filings for unemployment benefits, the economic data clearly show that Michigan’s economy has left its darkest days behind, thanks in large part to the comeback of the Detroit automakers.”
The story also acknowledges that “there’s a long way to go before the damage wrought by the great recession is completely repaired.”
Today’s Tip: Check the economic recovery status in your area by looking at deeper data.
Real estate and unemployment have been the key tools in measuring the economic recovery. But to get a broader view, Katherine turned to other sources as well.
She uses the Bureau of Economic Analysts to track growth in personal income. The U.S. Census Bureau provided information about state tax receipt information. The Bureau of Labor Statistics provided inflation rate information as well as unemployment data. The actual numbers helped create the story’s graphics.
She also checked the pace of bankruptcy filings, and interviewed area economists and state economic development agency officials.
From there, she sought the stories of real people.
“I thought about types of businesses that would be sensitive to how the economy is doing,” she says. ‘Then I brainstormed about which local companies would be good to call.”