Michigan no longer in a "Depression." Now enters "State of Emergency."
How bad was the Month of MAY for Michigan? After seeing April leap to 12.9% unemployment you'd probably guess somewhere around 13.3% unemployment or an increase of +.4%. You would be wrong by +.8%.
Michigan's unemployment level has now escalated from a Depression to a level best described now as a "State of Emergency." The Unemployment Rate? Try 14.1% !!!
Take the entire Population of just Southeast Michigan estimated by the following report to be 4.8 million:
and only 3.878 million have a job throughout the ENTIRE state of michigan. So we are talking about WELL MORE than 1 MILLION unemployed.
Everyone hooting and hollering in celebration over the Government Motors opening of a Battery Plant in the GM TECH Center this past weekend is clearly not thinking much....
That plant doesn't hire even 1% of the total job loss in the month MAY alone.
MAY lost 303,000 total jobs Year over Year. Think a Battery Plant is going to hire 303,000 people? No way... No How... GM has not hired yet or at least not revealed as far as I can tell how many jobs will be created from the battery plant.
It isn't supposed to just be a plant for the Chevrolet Volt.... But it is their plant for all of their future hybrid and electric vehicle projects and other areas they can incorporate battery technology to create "Green Jobs." The Plant is 23,000 Square Feet... So I guess a good size number of jobs could be potentially created here.
It is good news.... But in face of what happened in MAY it is not good news enough to reverse the trend of MASS Layoffs that have now sent MICHIGAN into a "State of Emergency."