The numbers for May have been released, and they are not exactly great. Nationally, the unemployment rate was at 5.5% in the month of May. In itself, that is bad news, seeing as how the annual average just last year was only 4.6%. However, the more disturbing news is that Michigan’s unemployment rate for May was 8.5%, and Detroit’s was an incredibly high 9.3%. Michigan has not seen numbers this high since 1992.
To be fair, some of the unemployed are people who just began looking for summer jobs. Many of them have not been able to find work yet, so the number of unemployed people simply ballooned. However, that number will only continue to grow tighter for Michigan, because Ford plans to cut 15% of its salary expenses by eliminating many white-collar jobs before the end of the summer. Exactly what needs to be done to revitalize Michigan’s economy after numbers like these are released, I could not say for sure. I would love to hear your ideas in the comments, though.
<>< Josh Rule : : 2008 MCPP Intern