LANSING, Mich. (AP) — Michigan's economy and tax revenues are projected to continue growing at a modest pace.

State lawmakers and Gov. Rick Snyder's administration are receiving mostly positive news Thursday at a meeting to estimate revenues. Consensus figures will be used by Snyder to propose his next budget in February.

The state Treasury Department estimates Michigan's two largest funds will increase by 2.9 percent in the current fiscal year. The general fund and school aid fund will grow by 2.8 percent and 2.6 percent in the next budget year respectively, according to the agency.

The projections are higher than when officials last met eight months ago.

University of Michigan economists say that by 2020, Michigan will have recovered 77 percent of the jobs lost during a decade-long recession.

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