Take a look at the figures in this article and talk about why you think Michigan is experiencing such low unemployment. Are manufacturing jobs a thing of the past in the midwest, or is there a chance that the Rust Belt could once again become a hub of production in the United States?
Alternatively, pick a company/business in Michigan and talk about why they deserve special recognition for their contributions to the local economy and low unemployment rate.
I think part of why michigan had the highest unemployment during the recession had to do with the extremely high gas prices that occurred at the same time. Now that gas prices are low again, enabling the car industry to recover, I think we should have expected them to improve relative to the US. I think something else must be happening to get the exceptionally low unemployment rate now though. I don't know what that would be.
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ReplyDeleteI think that people are now starting to have some faith in Detroit again. Mitch Albom opened a new shop and the Nike Store recently opened. More large companies are starting to see the potential in Detroit. Investors like the Ilich family and Dan Gilbert are all about renovating Detroit and are currently working on many projects to bring jobs and people to Detroit. I think that the industry expansion and the comeback of the auto companies has helped with the unemployment rate.
ReplyDeleteIt certainly seems that Michigan is starting to see economic growth after the recession and the multitude of investors coming in certainly helps. I always look towards the labor force participation rate and within the last year, we've seen a rise overall. Here's a link: http://www.bls.gov/eag/eag.mi.htm
ReplyDeleteThe article said that low unemployment rate is not just all good. The labor force in Michigan has been decreased because job seekers retired, moved away, or left the workforce. Like Spencer said, low gas price could possibly help the auto industry recover, but I'm also not sure what is keeping the unemployment rate low in Michigan.
ReplyDeleteI think this is because several multinational companies are doing well in Michigan. In Michigan, there are Kellogg, Stryker, and other automobile companies. Kellogg and Stryker are doing well, while automobile companies are taking back their shares from Volkswagen and recovering from global financial crisis.
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