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Wednesday, October 20, 2010

Michigan's Unemployment Rate Dips Slightly to 13 percent

Michigan's State Capitol in LansingImage via Wikipedia
Picture of the state capitol in
Lansing, Michigan. The states'
 unemployment rate dips slightly
to 13 percent

Michigan’s unemployment rate in September 2010, took a another dip down downward, from 13.1 percent to 13 percent. The one-tenth of a percentage point decline was rate was reported on October 20, by the Michigan Department of Energy, Labor & Economic Growth

The jobless rate in September was a point and one tenth percent below the states’ September 2009 rate of 14.4 percent. Still improvement has felt painfully slow to a state desperately hoping for a quicker recovery.

In the Southeastern Michigan area -which counts unemployment in Lapeer, Oakland, Wayne, Livingston, Macomb and St. Clair Counties- the September 2010 unemployment rate of 13.9 percent was lower than August 14.1 percent rate. The September 2009 unemployment rate was 16.0 percent.
   
“Michigan’s labor market in late summer 2010 was relatively steady,” said Rick Waclawek, director of DELEG’s Bureau of Labor Market Information and Strategic Initiatives to the Detroit Free Press. “Payroll job totals showed only minor changes over the month as well as over the year.”

Jobs were lost in education and health services, government, leisure and hospitality services and construction. In the same aspect, the state gained jobs in manufacturing and professional and business services.

There were 625,000 residents of Michigan that were counted as unemployed in September, down from 634,000 in August. 

The change in the number is accounted within a number of factors. Some unemployed job seekers exhausting the Federal Extensions of 99 weeks of benefits, others have found part-time employment opportunities and another group, returned back to the full-time employment workforce.

University of Michigan economists forecast that jobs could decline in the last part of this year, but employment gains are expected in 2011 and 2012.

The forecast released earlier this month projects that by the end of 2012, Michigan employment will still be "well short" of a previous peak reached in 2000.

"Although we expect the broad decline in employment to end, the relatively modest pace of job growth will still leave many residents struggling," cited the forecast, via the Washington Post.
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