Saturday, January 02, 2010

Michigan's Unemployment Rate Hits 14%

In October the unemployment rate in Michigan crossed 14% which is nearly double the average unemployment rate across the United States. Unfortunately this is expected to increase to nearly 15.8% heading into 2011. Michigan has been hit especially hard this recession due to the high concentration of factory and automotive related jobs that have been lost as Americans become frugal decreasing spending on high ticket items like automobiles. The Michigan Unemployment rate is a good one to watch to see the worse case scenerio any state might encounter. As the saying goes, what's good for GM is good for the country. Watching the health of Michigan's work force will give a good indicator as to what the rest of the county might expect.