Michigan’s economy may be looking up for 2011, but it’s not all sunshine and roses quite yet.
It’s expected to add more jobs than it loses next year, for the first time in more than a decade, according to Crain’s Detroit Business:
University of Michigan economist George Fulton expects the state to add about 6,300 net jobs next year and 48,000 in 2012, giving the state an average 12.4 percent unemployment rate in 2011 and 11.5 percent in 2012, down from an average rate of more than 13 percent this year.
It’s a good start, but in all, Michigan has lost nearly 860,000 jobs in the last 10 years, the story says, and is still lagging behind the rest of the country.
Personally, I’ve noticed that more and more people I know personally have lost their jobs due to the economy, everyone from teachers to auto workers to those in the construction industry. It seems like it’s no longer a taboo topic, since it’s affecting so many people. Friends losing their jobs and what they’re doing to tide themselves over until they find a new one is now acceptable party conversation.
I also know someone personally who has lost his home recently — and foreclosures are expected to continue happening as people struggle to pay their bills, the story says.
With the economy struggling for nearly a decade, I don’t think anyone expects it to come back quickly. The projections for more jobs coming is a great start. Hopefully, people affected with job loss or less money coming in can hang on until more and more jobs do come back.