Michigan recorded its highest unemployment rate in 16 years in October, reaching 9.3 percent as the state’s manufacturing sector continues to free fall.
The unemployment rate for October of 2007 was 7.5 percent in Michigan, and 8.7 percent in September.
“In the last year, the manufacturing and auto industry have been where the majority of the job cuts have been — there’s been a drop of about 25,000 jobs just in the past year,” said Bruce Weaver, an economic analyst for the Michigan Department of Labor and Economic Growth.
In September, Michigan ranked in as the state with the second-highest unemployment rate, trailing only Rhode Island.
October’s state-by-state numbers won’t be released until Friday, Weaver said.
Michigan’s unemployment rate corresponds to an inflated national rate, which reached a 14-year high in October, according to the U.S. Bureau of Labor Statistics.
“Everything we’ve been reading about has been declines in the auto industry as far as employment goes, and the construction industry has been down with loans, and that has affected this,” said Paul LaPorte, economist for the Bureau of Labor Statistics.
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