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2016 Economic Outlook Dennis A. Johnson, CFA Chief Investment
Officer Points of View Fed achieves lift-off, future increase in
interest rates will be datadependent. U.S. real GDP growth is
projected to be 2.4% in 2016 versus 2.5% in Consumer prices are
projected to increase by 2.1% in 2016 comparedto inflation of 0.2%
in 2015. Michigans economy is projected to continue to grow in
2016, but at amore measured pace versus the last several years.
Federal Reserve U.S. Economy Inflation Source: Federal Reserve Bank
of Dallas International Economics Economic growth in the euro zone
has stabilized Canada is a mixed bag Mexicos economy hanging in
their despite weak energy prices India remains one of the fastest
growing economies Japans economic growth remains volatile Chinas
government transitioning the foundation of their economy for less
volatile long-term growth Michigan Economy Conclusion U.S. economy
expected to perform relatively well in 2016.
Inflations trends higher despite downward pressure from oil and
theimpact of the strong U.S. dollar. Next rate hike by the Fed
could occur at their March meeting. Economic growth in Michigan may
begin to underperform the rest of theU.S. due to the maturation of
the current auto cycle and the impact ofthe strong U.S. dollar on
the manufacturing segment of the economy. Disclosure Comericas
Wealth Management team consists of various divisions of Comerica
Bank, affiliates of Comerica Bank including Comerica Bank &
Trust, N.A., and subsidiaries of Comerica Bank including World
Asset Management, Inc.; Comerica Securities, Inc.; and Comerica
Insurance Services, Inc. and its affiliated insurance
agencies.World Asset Management, Inc. and Comerica Securities, Inc.
are federally Registered Investment Advisors.Registrations do not
imply a certain level of skill or training. Comerica Bank and its
affiliates do not provide tax or legal advice. Please consult with
your tax and legal advisors regarding your specific situation.
Securities offered by Comerica Securities, Inc. are not insured by
the FDIC, are not deposits or other obligations of or guaranteed by
Comerica Bank or any of its affiliates, and are subject to
investment risks, including possible loss of the principal
invested. Comerica Securities, Inc. is a broker/dealer, federally
Registered Investment Advisor, member FINRA/SIPC and subsidiary of
Comerica Bank. 29