Michigan jobless rate soars to 9.3%

[BeatleBoot]

Source: The Detroit News

The coming winter looks bleak and will only get bleaker for the Michigan economy, as the state jobless rate leapt six-tenths of a point last month, hitting its highest level in 16 years.

October's 9.3 percent unemployment rate reported Wednesday is sure to climb into double-digits within months, economists also say, as growing weakness in the U.S. economy combines with the state's homegrown four-year recession.

"Since December, we're down 75,000 jobs and from a year ago we're down almost 100,000 jobs," said Dana Johnson, chief economist for Comerica bank. "It's not the worst 12-month loss but it's certainly a bad one. We're just going lower and lower."

And we're not alone. The nation's faltering economy sent stock markets reeling again Wednesday, with the Dow Jones index closing below 8,000 for the first time in five years. The Dow gave up 427.47 points, or 5.07 percent, to close at 7,997.28. That came after more dismal economic news, including notes from the last Federal Reserve meeting saying the nation's financial stewards expect the country will be in a full-blown recession until at least next summer. The last time Michigan's unemployment rate was this bad was in July 1992, after another national recession, said George Erickcek, senior regional analyst with the W.E. Upjohn Institute for Employment Research in Kalamazoo.



Read more: http://www.detnews.com/apps/pbcs.dll/article?AID=/20081120/BIZ/811200392/1001

[Bicoastal]

1. Ugh.

[maddezmom]

2. My parents live in Flint MI

things have been really depressing for years and now more so. :(

[AlCzervik]

3. Holy Shit.

:wow:

[Mari333]

4. we are all pretty used to it here in MI.

its been bad here for a long long time.

[MichiganVote]

10. Yes it has. We are dug in and cannot leave Mi. but in some ways I am glad..

I do believe in the beauty, resilience and work ethic in this state. We are good people in Michigan. Minus the republican assholes in our legislature who want to talk ideology. Like anyone can eat ideology or use it to keep the lights on.

Fucking republicans are soooooo out of touch with real people.

[bbinacan]

5. What the hell is the

Governor doing? Legislature? etc.

[vanboggie]

7. Gov. Granholm has done a lot

The legislature unfortunately is Repuke which has not been particularly helpful to say the least. We were very fortunate that Dickie DeVos (Amway heir, double billionaire family since he married heiress Betsy Prince, sister to Blackwater founder Eric Prince). Had Dickie won, Michigan wouldn't have had a chance.

Jennifer Granholm has been working to diversify the MI economy by bringing in sustainable energy producers...solar and windpower, she's enticed Hollywood here with film tax breaks. In fact, she's done a lot to entice various businesses in general here and to get retraining for displaced workers established. She was left with a state economy ruined by Rethuglican Gov. Engler who with his cronies drained the state treasury. Then the Chimp 'n Cheney came along followed by the gradual fall of the auto companies. Granholm is flogged by fundies on the red west coast of the state like this mess was all her fault. I think she's done a miraculous job of keeping us afloat in a pile of chit that can be traced to greedy Rethuglicans - state and national.

We've been enduring a fallen economy a bit longer than the rest of the country. I think we're the canaries.

Edited to add - note this line from the article about MI unemployment hitting its highest level in 16 years.
Damned Bushes I and II.

[Festivito]

16. Well said. Sadly, buying cars goes from not yet to unthinkable.

People just lost money on their home, the last thing they want to do is buy a brand new car. Until they do, we're toast thanks to Republican governor Engler and a do-nothing let nothing get done Republican state senate.

Even if some people can afford a new car, they don't know how much farther the economy could fall, so even they won't buy.

In the mean time Granholm has kept the safety net working, the state employees working, and increased the transitional education system in place, while other states start to warn their people of major cuts.

[Strawman]

8. Gov. Granholm is doing as well as she can

Hasn't been easy with a Republican Senate full of unqualified incompetent ideological zealots thanks to term limits.

Michigan is in the United States. We've been dealing with a hostil Bush economic policy for 8 years. What the fuck is she supposed to do with no help from the federal government, a legislature brought to gridlock by nutballs, and a recession. The state can't deficit spend. She has a shirking revenue base, a recession, an auto industry on life support. About all she can do is keep the Republicans from turning this into a right-to-work state like they've been dying to do.

[Spouting Horn]

18. Raising taxes

n/t

[Hulk]

6. Just wait till the big 3 go under......Nine percent will look pretty damn good.

I'm hoping that won't happen, but I am a bit frustrated with these CEO's and their cush lives at the expense of the sinking ships.

They need to get canned. The unions need to be left in tact, and these companies need to get their heads out of their asses. Tough job when you ass is on fire.

[bluecollarcharlie]

14. Yeah, but no one on here except ........

......for an enlightened few even care about the union people who helped get this new congress elected.
They would rather blame the unions in conjunction with the 3 automakers for stuff beyon the UAW's control or just go right into hoping, wishing and praying the industry would die and let Honda, Toyota, Nissan and Hyundai just march in and take over.

But hey that's gratitude for you.

[sarcasmo]

9. Were number 1 since 2006. Been looking for work since April

[MichiganVote]

11. I was very nearly axed last Spring. Still likely to go next Spring.

[sarcasmo]

12. Plan ahead and get ready to move. The Carolinas are still producing.

[bluecollarcharlie]

15. Hang on. there are still some DU'S on here that ....

....will stab them in the back if they are union. Keep that on the down-lo.

[Odin2005]

13. That means the real unemployment is something like 15%.

Is it a Depression yet?

[sarcasmo]

17. Michigan is more like 20percent in my opinion. I tried to apply for a local job that only

gave a fax number and the number was busy the whole day.