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On today’s Business Beat, Jeff discusses recent reports on post-pandemic economic conditions of the state of Michigan, and why Michigan is on track for a speedy recovery.
Tune in to the Business Beat, below, to learn more about these new findings on Michigan’s economic recovery:
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Good morning, Paul!
This morning on the Business Beat, we’ve got two reports out on Michigan’s recovery from the COVID pandemic. The first, as reported by our friends at Mlive.com, relates to unemployment and the rate at which we are filling jobs in the state of Michigan. And by this measure, things aren’t as we’d like them to be, Michigan ranking number 43rd among states for post COVID job recovery.
To be specific, Michigan has about 93% of the jobs that had back in February 2020. And that puts us at number 43, among 50 states, and last in the Midwest as the US climbs back toward pre-pandemic job totals.
Now it’s important to mention that while Michigan hasn’t been the quickest state to recover from a jobs perspective, Michigan did lose more jobs than most states during the pandemic, so it has a higher mountain to climb to get back to even.
Now for much better news and a broader assessment of how each of the 50 states is recovering, a study recently conducted by Credible shows that Michigan has fared much better than most states when a broader set of metrics is taken into account.
Credible looked at four key metrics: change in unemployment rates, change in the number of jobs in the state, change in gross domestic product, and change in home values. When taking into account that broader set of four factors, Michigan ranks, number two in the nation in recovery. And that’s great news.
All in all Paul, this is good news. It seems that Michigan is right on track toward a very speedy recovery in this post pandemic era. I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.