July Unemployment Rate Up From June, 7K Jobs Lost/Revenue Estimating

The state’s unemployment rate has seen an increase in the last month rising to 7.7 percent in July, up from 7.5 percent in June according to DTMB. The unemployment rate is still above the national unemployment rate of 6.2 percent. The highest payroll job rates were seen since 2008 in July with an 18,000 job increase.

The largest labor market in the state, Detroit-Warren-Livonia, also saw unemployment increase by .3 percent from 8.4 to 8.7 percent. This is the highest unemployment rate in the area since December 2013.

In other fiscal news the state’s revenue estimating conference has drawn significant praise from the national organization Center on Budget and Policy Priorities. The process received acclaim, as it requires agreement between the executive and legislative branches of government, for adjusting revenue estimates, and for being public.

The process used in Michigan has been in place for almost 25 years and requires that the conference meet twice a year. During their January meeting the conference decides the revenue that the governor must use to propose his executive budget. The May meeting revenue numbers are set for the final budget by the conference.

posted by PAA Online , Friday, August 15, 2014 10:29 AM
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