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Michigan loses 1 million jobs

December 16, 2009
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Heard that right, 1 million jobs by 2011, according to the newest report.  University of Michigan

Michigan’s economy hit bottom this year and will stay there next year, with only modest job growth starting in 2011, according to a forecast on the state economy released this morning.

Economists at the University of Michigan’s Research Seminar in Quantitative Economics say that by the time the state’s downturn ends, Michigan will have lost nearly 1 million jobs since 2000.

“If our forecast proves correct, the job decline that started in mid-2000 would bottom out in the summer quarter of 2011, with an aggregate job loss of 937,000 over that 11-year period, or about one in every five jobs that existed at the beginning of the period,” said a statement from George Fulton, director of the seminar.

The economists see no end in sight for Michigan’s financial woes.

By the time it’s all over, Michigan will have recorded 11 straight years of job losses after averaging 58,000 new jobs annually in the preceding 30 years. But the U-M economists say the end of the worst may be near.

“In Michigan, prolonged difficulties have become a way of life,” Fulton said. “But we are nearly done with one of the worst economic years in our modern history, maybe the worst.”

Actually, neither does the rest of the population in Michigan–most young adults are planning to move.   In fact, a number of my family members already have.  Guess there’s no way to save Michigan now.  As I have said before about the futility of the automakers in Michigan, the only new growth will come from new industries.  Here’s looking at you Michigan…

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