Optimistic Michigan: Unemployment rate, economic outlook improving

Categories: Blog Features,Comeback State,Reinventing MI

Our state’s unemployment rate is finally back to pre-recessionary levels and Michigan’s positive economic
outlook is higher than it’s been in years.

Michigan’s unemployment rate has decreased for third consecutive month. The October 2014 statewide unemployment rate dropped one-tenth of a percent down to 7.1 percent, putting Michigan’s unemployment rate at pre-recessionary levels. In fact, our unemployment rate is lower than it’s been for more than six and half years.

This most recent unemployment rate can be attributed to the fact that employment increased by 13,000 people and our unemployed decreased by 8,000. Michigan’s 7.1 percent unemployment rate for October 2014 is a full one-and-a-half percentage points lower than it was at this time in 2013, when our unemployment rate was 8.6 percent.

Our constantly decreasing unemployment rate has brought about other good news as well.

PNC Bank completed an economic outlook study for small and middle-market business owners, and we’ve seen improvements in every positive economic indicator. Local business owners now have a 66 percent optimistic outlook on growth over the next 12 months, which is a 10 percent increase from where we were last year.

What’s even better, one out of three companies plan to increase employee salaries over the next six months, which is an impressive 32 percent higher than just six months ago.

Michigan’s declining unemployment rate and increased economic optimism is due in part to the work of Republican leaders throughout the state. Republicans have focused on our state’s biggest problems and have worked to find real answers that make Michigan a better state for those who live and work here.

Today’s news is proof that Michigan’s future is brighter because Michigan has turned jobs lost into careers gained. Before Republican leadership, the unemployment rate was more than four percentage points higher at 11.3 percent. It is clear that better days are ahead in Michigan and that we’re coming back stronger than ever.