Michigan economy grows 2% in latest year

(AP Photo/David Duprey)
(AP Photo/David Duprey)

LANSING, Mich. (AP) — A federal report says Michigan’s per-capita consumer spending rose 3.2 percent in the latest year, compared with a national increase of 4.1 percent.

The U.S. Bureau of Economic Analysis said Thursday that Michigan residents spent $321 billion in 2012. It says Michigan’s total consumer spending rose an annual average of 2.7 percent in 1997-2012.

Nationwide, the report says consumer spending rose 4.1 percent in 2012 and an annual average of 4.8 percent in 1997-2012.

Michigan’s consumer spending has risen each year since 2009, when it fell 2.8 percent. The report says Michigan’s consumer spending rose 2.5 percent in 2010 and 4.6 percent in 2011.

It says the Great Lakes region’s per-capita consumer spending rose 3.7 percent in 2012.

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