The Michigan unemployment rate is falling, but does that actually mean more jobs?
We've previously reported on really rough economic times in Michigan, with one in eight state resident's receiving food stamps. Michigan's manufacturing base has hit very hard over the past decade, shedding more than 300,000 jobs between 2000-2008.
Because of this, Michigan has seen its unemployment rate skyrocket to as high as 14.9% at the start of 2010.
Strangely, though, Michigan is now leading the nation in "fastest falling unemployment rate." How might this happen?
The answer is discouraging. It turns out that, because the job market is so bad in Michigan, residents are now leaving the state in droves, and are hoping to find work elsewhere. So, because they are no longer Michigan residents, they are no longer listed as "unemployed."
There is no simple answer to rectify the problem. What's needed is long-term planning to rebuild American infrastructure and revitalize our manufacturing base. It's going to take time to help Michigan and the rest of the nation.
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