Economist Tells Howell Chamber Economy on Upswing Economist Tells Howell Chamber Economy on Upswing

1/28/14 - Robert Dye, senior vice president and chief economist for Comerica Bank, says the U.S. economy will strengthen this year and that the currently weak job outlook will improve. Dye was the guest speaker at the Howell Chamber of Commerce’s first Good Morning Livingston event of the year today, held at the Crystal Gardens Banquet Center. WHMI spoke with Dye after the meeting and he told us that all the major indicators, such as growth in the housing market, are on the upswing. Another positive trend for the U.S., Dye says, is the growth in amount of crude oil produced by the United States. The International Energy Agency reports that crude oil production in the U.S. increased a whopping 15% in 2013, making the prospect of becoming energy-independent by 2020 a real possibility. Dye says in the next few years the U.S. is expected to surpass Russia as the world’s largest producer of crude oil. Dye told his audience that manufacturing will continue to improve, aided by cheap energy and a quality domestic work force. He says sales of new and existing housing are also showing an upward spiral, which is also helping the U.S. economy. Dye told his audience another encouraging factor is that the “Fed” will keep short-term interest rates low this year. Overall, the U.S. Gross Domestic Product is projected to increase about 2.6% during 2014, rebounding after the sequester and government shutdown of last year kept the GDP rate under 2% for 2013. (TT)