FDIC States Employment Trends Worsen
CHICAGO — Michigan ranked right up there with hurricane-ravaged Louisiana and Mississippi in year-over-year job losses in the third quarter of 2005. Once again, the manufacturing sector accounted for most of the job losses, according to the Federal Deposit Insurance Corp.'s quarterly economic profile of the state.
The Grand Rapids-Wyoming metro area, however, was one of only five in the state that reported job gains. Combined, the Grand Rapids-Wyoming,
Most major job sectors, in fact, experienced either job losses or slower growth. The government sector lost jobs in the third quarter after having gained 5,400 jobs in the second quarter of last year. The FDIC attributed the government job losses to the squeeze on state tax revenues.
According to the agency, poor employment conditions, slow income growth and fairly slow population growth have combined to heap more financial stress on
Home values in
Bankruptcies and foreclosures in the state remained above the national average, with the volume of loans in foreclosure at 1.6 percent in the third quarter, compared to a national average of 1 percent.
The agency reported that recent announcements regarding Delphi's bankruptcy and General Motors' planned plant closings in
The U.S. Department of Energy predicts natural gas prices will rise 44 percent in the