Ohio, Michigan economies shrinking smaller

Toledo Blade - June 3

A new federal analysis of state-level gross domestic product - the value of all goods and services produced - shows the economies in Ohio and Michigan shrank in 2008 and ranked 45th and 47th, respectively, in terms of growth.

According to the annual study by the U.S. Bureau of Economic Analysis, Michigan and Ohio are the only two states whose economies are actually smaller today than they were in 2004. In the last four years, Michigan's economy has contracted by 3.5 percent, and Ohio's by 0.5 percent. Indiana's economy was third-worst, but grew an anemic 0.1 percent during the four-year period.

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