"Michigan, once the center of America's industrial heartland, now holds a more dubious distinction: It leads the U.S. in joblessness. The state's unemployment rate hit 8.5% in May. That's up 2 percentage points from April, and compares with a figure of 5.5% for the whole U.S. in May...But bad as those unemployment figures look, the reality is actually worse. The official number is arrived at by surveying households and learning how many family members are unemployed but seeking work. So it does not reflect those who have given up finding a job, or those who are not yet looking but soon will be. That second category covers thousands of auto workers who are accepting buyout checks to drop off the payrolls of the companies that make autos or auto parts."
Thursday, July 3, 2008
Is it a recession yet?
More uplifting economic news from David Kiley at BusinessWeek: