Effects of the Great Recession continue to linger in Michigan, U.S.

| Wednesday, February 9, 2011
| |

Check out this dramatic chart in the New York Times' Economix blog. It compares how long it has taken the economy to recover from job losses following every recession since 1974.

Job levels returned to pre-recession peaks within 36 months in each of the downturns prior to the 2007 near collapse of the economy. Even though the Great Recession is technically over, U.S. jobs were still about 5.6 percent below the pre-recession peak through January.

Michigan job figures for January won't be released until March 9. But Michigan jobs were 18.3 percent off the June 2000 peak through December.

If there's any good news for Michigan in this troubling data, it's that the recovery is being led by manufacturing, which led all U.S. employment sectors in January by adding 49,000 jobs. Many of those jobs likely were added in Michigan, which is seeing welcome growth in auto employment and other manufacturing sectors.

The Center for Automotive Research is forecasting that Michigan will add 22,300 auto and parts jobs this year after years of losses.

No comments:

Post a Comment