Thursday, June 19, 2008

Unemployment Shocker

Thousands of summer job seekers who couldn't find work helped push Michigan's jobless rate to 8.5-percent in May. That's the highest monthly mark in the state since October 1992. The seasonally adjusted jobless rate is up from 6.9 percent in April. A year ago, it was 7.1 percent. State officials say the rush of people looking for summer jobs swelled the size of Michigan's labor force, then pushed up the unemployment rate when they were unsuccessful. Michigan has had the nation's highest annual average unemployment rate since 2006. The national jobless rate in May was 5.5 percent.

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