University of Michigan forecast predicts more US economic growth, job creation

Economic IndicatorsAssociated Press

Economists at the University of Michigan say the U.S. economy will grow by more than 3 percent next year.

The annual forecast released Thursday in Ann Arbor says economic growth as measured by gross domestic product will rise from 2.2 percent this year to 3.1 percent in 2015 and 3.3 percent in 2016. They say next year's growth would be the highest in a decade.

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University of Michigan economist Daniil Manaenkov says in a statement that "going forward, strong GDP growth supports steady employment gains."

Manaenkov and colleague Matthew Hall of the Research Seminar in Quantitative Economics in the school's Department of Economics project the creation of 5.3 million jobs over the next two years. That includes 2.7 million jobs next year and 2.6 million in 2016.