I received an email from Arturia tech support and they suggested I use an older version of Analog Lab 2 (Analog_Lab_2_2_0_0_871) which can be downloaded from their website.
To download that version, go to the website, sign in to My Arturia (your My Arturia), select the tab Downloads & Manuals, scroll down to the Analog Lab software section (about the sixth section from the top), there will be a green button which reads Show Archives, click it and older versions of Analog Lab will be displayed. Select Analog_Lab_2_2_0_0_871 dated 18 May 2016 for your platform (Mac). Uninstall the version of Analog Lab you now have and install this older version. All should be well then.
They are still working on what causes the newer version to not work with GarageBand. Hope this works for you.