Mich. Jobs Report Expected Today
SOUTHFIELD (WWJ) - We'll get a key reading on Michigan's economic recovery, Wednesday, as the state releases it's jobs report for June, detailing payrolls and the unemployment rate. And there are three key industries to watch when the jobs report is released.
WWJ and Fox 2 Business Editor Murray Feldman says automotive, defense and government are the ones to watch. "It looks like automotive should provide some good news because we've seen industry production rising. But, we know that governments all over the country are cutting back and as governments cut their spending you not only lose jobs there, but it also impacts the defense industry because defense has a lot of government contracts, not only in Michigan but also elsewhere," says Feldman.
Feldman says it's been a struggle to gain back all the jobs lost in the recession. "Since the recession hit two years ago we've actually added 60,000 jobs statewide. However the recession cost us more than 400,000 jobs so we're still way behind. And the recent trend has been a bit disheartening when you look deep into the numbers for the first five months of this year, we've actually lost 15,000 jobs," he says.
Michigan's jobless rate was 10.3 percent in May - that's up slightly from the month before, but still 2.5 percent below the same time a year ago. And though the unemployment rate is higher, Feldman says the numbers say that the state is in better shape than a year ago.
