Wednesday, July 15, 2009

Michigan unemployment rate jumps to 15.2% in June 2009

Click on Image for a larger chart

According to the Detroit News, the unemployment rate in June for the state of Michigan jumped to 15.2% in the month of June. This is a 110bp jump from the 14.1% jobless rate seen in May 2009.

The ranks of the unemployed continue to swell in Michigan as GM and Chrysler and their suppliers slog through the bankruptcy process.

As bad as things are in Michigan, things are even worse in Detroit---where the May unemployment rate topped 25%.

And the state as whole has already borrowed over $2 billion from the federal government to keep making unemployment insurance payments to the swelling ranks of laid-off workers.

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