Michigan — December 15, 2011 at 8:30 am

Michigan gets some good unemployment news


Alright! Now THIS is more like it!

Michigan’s unemployment rate fell by eight-tenths of a percentage point last month to 9.8 percent. This is the first time since November of 2008 that Michigan’s jobless rate has dropped below 10 percent. The national November unemployment rate is 8.6 percent.

The jobless rate fell by eight-tenths of a percentage point in November. That’s a sharp drop and much of it was due to new hiring. But retail was the only sector to show significant growth from month to month and much of the decline is also due to about 19,000 fewer people in the workforce competing for available jobs.

It’s not great. Our real unemployment level is actually close to 19%. But, dammit, it’s a step in the right direction.

Foreclosure rates are down from a year ago, too.