A new survey released by Michigan State University (MSU) in East Lansing shows that Michigan residents continue to feel uneasy about the state of the economy as well as their future economic outlook.
According to the survey, nearly 43 percent of survey respondents said their financial situation was worse than it was a year ago. Additionally, more than 75 percent of survey respondents believe their economic prospects will worsen or remain the same over the next year.
“Historically, economic polling data that reflects so much public pessimism would be disastrous for the ruling party this time around a general election,” says Matt Grossman, director of the Institute for Public Policy and Social Research at Michigan State University. “However, the ballot itself also shows strong support for Democrats’ positions on issues such as reproductive rights, which means we may be waiting for an interesting election night.”
Michigan residents are also concerned about the state and future of the economy in their local communities, with 83 percent of respondents expecting the financial situation in their community to be worse or the same next year.
Respondents were asked about their expectations of specific economic indicators covering the country as a whole over the next 12 months. The two questions asked are:
- Twelve months from now, do you expect the unemployment situation in this country to be better than, worse than, or nearly as it has been in the past 12 months?
- Over the next twelve months, do you think that the inflation rate in this country will rise, decrease, or remain the same as it has been in the past twelve months?
Survey respondents are pessimistic here, with 82.2 percent believing the unemployment situation will either get worse or stay the same next year, making 17.8 percent think it will improve.
The percentage of respondents who think inflation will get worse has fallen from 68.4% in the Spring 2022 survey to 60.3% today. Some of these shifted to thinking that the inflation situation will improve, moving from 16.6 percent to 18.7 percent at the same time, while those who believe it will remain the same increased from 15 percent to 21 percent.
The research was conducted as part of the most recent State of the State Survey (SOSS), which has been conducted by the Office of Survey Research and the International Institute for Social Security since 1994. In addition to economic data, notes on Michigan’s current political landscape and polls on support for reproductive rights have also been released.
The current survey was completed as a survey by YouGov with data collected from September 2 to September 15, 2022. Invitations were sent to 3,124 adults residing in Michigan, and 1,156 interviews were completed.