Michigan Oct. Unemployment Rate Surges To 9.3 Pct

[Purveyor]

By KATHY BARKS HOFFMAN
The Associated Press

LANSING, Mich. (AP) — Michigan's October unemployment rate surged to 9.3 percent, its highest rate since July 1992 and six-tenths of a percentage point higher than September's jobless rate of 8.7 percent.

The national unemployment rate last month also rose, to 6.5 percent.

The state has been hurt by the weakening of the national economy, the Michigan Department of Labor and Economic Growth said Wednesday. A year ago, Michigan's unemployment rate was 7.5 percent.

Over the past four months, the state has lost 64,000 jobs, including 20,000 in October.

Trade, transportation and utilities dropped by 5,000 jobs, while leisure and hospitality services dropped by 4,000. Manufacturing, retail trade and government sectors each lost 3,000 positions, while construction lost 2,000.

Michigan appears to be on track to have the nation's highest annual unemployment rate for 2008, a distinction it nabbed in 2006 and 2007. The year-to-date average jobless rate through October was 8.1 percent.

Some economists expect Michigan's rate will rise to double digits in future months if the domestic auto industry's financial troubles don't improve.

MORE...

AP: http://www.mlive.com/newsflash/index.ssf?/base/news-59/1227143368325600.xml&storylist=newsmichigan

[MrScorpio]

1. After we bottom out, I'm thinking there's no where to go, but up

When? No idea

[blue_onyx]

2. Oh, yeah...

"Michigan appears to be on track to have the nation's highest annual unemployment rate for 2008, a distinction it nabbed in 2006 and 2007." I look forward to the hat trick.

:sarcasm:

[LisaM]

3. Anyone who thinks it's a good idea to tank tens of thousands more Michigan jobs

is completely heartless.

I saw a house in the neighborhood I grew up in for sale for $59,000. Foreclosure. It makes me sick.

[sarcasmo]

4. Company closed in April, no prospects, it's frustrating beyond belief.

More like around twenty percent unemployment in reality.

[sarcasmo]

5. #1 three years in a row, aren't we lucky.

[TahitiNut]

6. This winter will be brutal.

The unemployment will be increasing even more rapidly and people will be dying off. It sure doesn't look good,