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Thu November 18, 2010
In this morning's news...
Big Day for GM
General Motors' stock will be sold on The New York Stock Exchange for the first time since June 2009, when the company was seeking bankruptcy protection. GM common stock sold for $33 per shared and raised $23 billion.
Kent County Commissioners are expected to adopt a budget for next year that would eliminate 56 full time positions. As Lindsey Smith reports, the cuts are part of an overall plan to keep county spending in line as revenue from property taxes decline. The Kent County sheriff's department will see most of the proposed cuts. Meanwhile, the city of Flint plans to send out layoff notices to some city employees next week. Flint Mayor Dayne Walling says the exact number of layoffs will depend on how many unions agree to wage and benefit concessions.
MI Unemployment Rate
Michigan's unemployment rate continues its slow, but steady, decline. The state's jobless rate dropped to 12.8% in October. That is the first time since March 2009 that the rate has been below 13%, according to the Associated Press. Michigan's unemployment rate for October of last year was 14.4%. The national unemployment rate for October was 9.6%.