Mich. Unemployment Hits 15.2%

[BeatleBoot]

From WDIV (NBC affiliate in Detroit)

http://www.clickondetroit.com/news/20058828/detail.html

LANSING, Mich. -- Michigan's already high unemployment rate jumped 1.1 percent in June, hitting 15.2 percent.

State officials said the latest jobless rate was 7.1 percentage points above the state's June 2008 rate of 8.1 percent.

Rick Waclawek of the Bureau of Labor Market Information and Strategic Initiatives said Wednesday that "a large drop in manufacturing jobs" caused by restructuring in the auto industry accounted for much of the rise.

<snip>

Economists project that Michigan's unemployment rate generally will rise in the second half of this year and into 2010. But there could be variations month-to-month.

<more at link>

[michreject]

1. And going up

Predicted to go up to 20%

[Clear Blue Sky]

2. I thought the stimulus was going to prevent this.

[skipos]

4. Yes, the stimulus was supposed to halt job losses within months of being implemented

and after only a portion of it has been used.

[Romulox]

7. The government sure stemmed the tide at AIG, Citi, Goldman Sachs

with incredible haste. :shrug:

[Fading Captain]

9. Like Obama's autobailout!

Which DEMANDED the closing of factories and dealerships, killings thousands upon thousands of jobs.

[Fading Captain]

10. DELETED DOUBLE POST

DOUBLE POST

[TahitiNut]

3. Still better than the 16.9% we had in November 1982.

... but not for long. :puke:

Here's a map of the 'pain' ...

[okieinpain]

5. i don't understand fla, and ca., being so messed up. is it the tourism

industries.

[FarCenter]

11. It was real estate

FL and CA were bubble economies based on inflated real estate prices. Easy money under Greenspan kept pushing up home prices. Builders kept throwing up developments farther and farther from jobs. Gas went over $4 / gallon. Nobody wanted the far-flung McMansions. House prices went down. People started to stop paying on mortgages with balances larger than the value of the homes. Lenders started to foreclose, driving prices down further, etc. etc.

[Romulox]

6. Hey! I bet some money for community colleges will help!

(Well that, and a MASSIVE bankster bailout.) Barring that, I'm fresh out of ideas.

Maybe a mandatory, for profit insurance scheme will help Michigan? :shrug:

[blue_onyx]

8. We can educate everyone

but without new jobs, it won't matter. I have a four year degree and can't find anything. I think helping people further their education is a good thing but it won't solve our short-term problems.

Doesn't a mandatory insurance policy sound great right now? Force people who are already struggling to pour more money they can't afford into the insurance companies. One would think that Congress is in the pocket of the insurance companies....that can't be, right :eyes:

[Romulox]

12. I was commenting on the tin ear our President must have to announce

Community College as something that might particularly interest Michigan residents.

Funny, he isn't pushing Community College in Manhattan--there are some problems only trillions of dollars of taxpayer bailouts can solve, I guess--for others, a two year degree is good enough. I can't figure it out. :shrug:

[cabluedem]

14. Lots of higher education people are trying to become truckers. No jobs thier either. nt

[sarcasmo]

13. That is the number on the books, 18000 fall off in September.

Then it's 25000 people out of the unemployment cycle October, November and December, we will be at 20% in January.