Michigan’s economy is stumbling around like a drunken sailor on land. It’s showing signs of forward progress, but it is not steady! So what’s driving the wobbles?
Here are Five Fast Facts on what’s dragging down Michigan’s economy:
- 🧮 Key Numbers - October’s state unemployment number went up to 4.7%, the seventh month of increases and well above the 4.2% it was last year at this time. The national unemployment rate was 4.1%. Show-offs.
- 🔍 Job Hunting - Finding the right jobs for the right people is a problem. Almost 40% of execs around the state say they can’t find enough qualified people. It doesn’t help that several major employers in the state have had layoffs this year. Here’s looking at you, Stellantis and GM.
- 🎓 Education For The Win - About 60% of the online job listings in August had a minimum education requirement. There just aren’t enough people around with those qualifications. The state is throwing money at groups with educational programs to try to fill this void. We generally dislike when the government throws around money, but education seems like one of the most viable reasons to do so.
- 🤨 New Normal? - Some say that the super low unemployment rate we saw over the last couple years was an over-correction from post-pandemic recovery, and that a rate around 5% might be the new normal going forward. Pass. We like 4% better!
- 💨 Deportation Concerns - Trump’s plan to deport mass numbers of illegal immigrants presents a risk, too. No one really knows how many there are in Michigan, or exactly what jobs they do, but the impacts could be significant. Of course, if illegals are sent home, that would open up a lot of jobs for unemployed Americans, so maybe there’s a silver lining there…for the Americans, obviously.
🔥Bottom line: There are a number of challenges facing our leaders around the state’s economy. Unfortunately, most of the solutions will take some time, so they’ll have to figure out some way to make short term improvements while also setting things up for the long term at the same time.
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