economy

Economy
11:36 am
Thu November 15, 2012

Economic forecast sees jobs recovery

ANN ARBOR, Mich. (AP) - University of Michigan economists say that over the next two years, the U.S. economy will regain the rest of the nearly 9 million jobs lost in the recession.

The prediction came in Thursday's release of the annual forecast of the U.S. economy from UM economists Joan Crary, Daniil Manaenkov and Matthew Hall.

They foresee the creation of 2 million jobs in 2013 and another 2.3 million in 2014 as unemployment falls from 7.9 percent to 7.2 percent during that time.

Employment fell by 8.8 million jobs during the 2008-09 economic downturn, but the economy has recovered 4.5 million jobs in the last three years.

The UM forecast is based on the Michigan Quarterly Econometric Model of the U.S. Economy and compiled by the UM Research Seminar in Quantitative Economics.

Economy
4:51 pm
Tue November 13, 2012

Stateside: Detroit's financial predicament

Detroit's handling of its financial situation is of great importance to both the state and country
Mike Russel

Detroit’s financial status is once again on the brink of devastation.

The city’s program management director, William Andrews, recently told the advisory board that the city is facing financial crisis.

Detroit News business columnist Daniel Howes assessed the city’s situation, looking at its aging bureaucracy as a potential area of conflict.

The collapse could occur sooner than expected, said Howes, perhaps as soon as December.

“It could happen as early as next month. What’s hanging out there right now is about $80 million in bond proceeds that the State Treasurer's Office is holding  more reforms within the city. There is hope they can move ahead with some reforms that would release around $30 million by the end of the year. It’s really important to note that time is running out for the city,” said Howes.

Read more
Economy
2:56 pm
Thu October 18, 2012

DuPont opens innovation center in Michigan

TROY, Mich. (AP) - Chemical giant DuPont Co. is opening an innovation center in suburban Detroit that's aimed at speeding the introduction of new products for the automotive industry.

The Wilmington, Del.-based company's facility opened Thursday. It is DuPont's eighth-such center and is located at its Automotive Development Center in Troy. The innovation center connects DuPont's Detroit-area customer base with 9,500 company scientists and engineers worldwide.

DuPont says one aim of the innovation center is to boost collaboration with customers, government, educational institutions and business partners.

The company already had automotive industry-focused innovation centers in India, South Korea and Japan.

Economy
4:59 pm
Wed October 17, 2012

Michigan unemployment rate drops for first time since April

Michigan's overall labor force charted with Michigan's unemployment rate from September 2002 to September 2012. (Source MI DMTB).
Mark Brush Michigan Radio

Michigan’s unemployment rate dropped one-tenth of a percentage point in September, to 9.3 percent says a new report released by the Michigan Department of Technology, Management & Budget (DTMB).

This marks the state’s first decline in the jobless rate since April.

Total employment increased by 11,000 in September and has risen by 58,000 over the course of the past year.

From the report:

Read more
9:17 am
Mon October 8, 2012

2,000 new jobs coming to Michigan from GM

Lead in text: 
The announcement is expected later today.
General Motors Co. and the state are expected to announce today that GM will create 2,000 new jobs in Michigan, beginning with up to 1,500 at a new information technology innovation center in Warren. The automaker and the Governor's Office are expected to make formal announcements later today.
Economy
4:48 pm
Fri September 21, 2012

MSU releases "State of the State" survey

A survey conducted by Michigan State University's Charles Ballard shows an improved approval rating for Governor Snyder.
MSU

The latest "State of the State" survey from Michigan State University indicates people in the state are feeling pretty good about the economy, a little more positive about the Governor, and the same about the President.

MSU Economics Professor Charles Ballard conducts the survey of likely voters in Michigan once a quarter. The latest was taken in August.

It shows that Governor Snyder's approval rating rose, from 33 to 38 percent. 

That's still lower than the President's 41 percent.  But that 41 percent is unchanged from the previous quarter's survey.   

Read more
Law
3:35 pm
Wed September 12, 2012

U.S. Labor Department wins back pay for bakery staff

DETROIT (AP) - The U.S. Labor Department says a Detroit-based bakery chain has agreed to pay $63,000 in back wages to 21 employees whom it wrongly classified as independent contractors.

The agency said Wednesday that its investigation found that Sheila's Bakery LLC committed violations of the Fair Labor Standards Act at its three locations.

The agency says the misclassification of the workers deprived them of federally mandated overtime pay at time-and-a-half when they worked more than 40 hours in a week. Instead, they got a flat hourly rate or a flat weekly salary of $340 to $400.

The government says it loses substantial amounts of income, Social Security and Medicare tax payments because of the misclassification of employees as contractors.

Offbeat
3:46 pm
Thu September 6, 2012

Stateside: Howard Cooper, world's most generous boss?

Let's give a shout-out to a man who may have set the new "gold standard" for generous bosses.

Long-time Ann Arbor auto dealer Howard Cooper is retiring this month.

As his employees reported for work this week, they got an unexpected "expression" of Mr. Cooper's appreciation: a check for $1,000 for every year of service.

Read more
Auto
10:37 am
Tue September 4, 2012

U.S. automakers report strong sales numbers for August

August was a good month for U.S. automakers
Lester Graham Michigan Radio

August was a good month for U.S. automakers compared to a year ago. In total, the big three sold more than 585,700 vehicles last month.

Chrysler had its best month since August 2007, according to the AP, and had sales of more than 148,000 vehicles. They say their sales were led by demand for the Dodge Ram pickup truck.

Ford sold 197,249 vehicles in August, and in a press release said high gas prices led more people to their lineup of vehicles.

“As fuel prices rose again during August, we saw growing numbers of people gravitate toward our fuel-efficient vehicles – cars, utilities and trucks,” said Ken Czubay, Ford vice president, U.S. Marketing, Sales and Service.

And General Motors sold 240,520 vehicles in August. More than Ford or Chrysler.

In their press release, GM said it's ready for gradual improvements in the economy.

“The single message Chevrolet communicated this summer was ‘confidence’ and it rang true with customers when they saw how our product lineup is being transformed,” said Kurt McNeil, vice president of U.S. sales operations. “All four of our brands are building momentum behind new products so we’re very well positioned as the economy continues to slowly improve.”

Economy
10:26 am
Sun September 2, 2012

`Technonomy' to bring tech leaders to Wayne State

DETROIT (AP) - A media company that hosts conferences on the relationship between technology, economy and social progress is setting its sights on Detroit.

Technonomy Detroit plans to bring together local and national tech leaders September 12th at Wayne State University. The list includes Twitter co-founder Jack Dorsey and Steve Case, chief executive of investment firm Revolution LLC and co-founder of America Online.

Topics for discussion include the future of manufacturing and its impact on jobs, and "Is Detroit the Next Berlin?"

Business
4:45 pm
Fri August 17, 2012

La-Z-Boy to build new world headquarters; considers staying in Monroe

A La-Z-Boy store.
user vercillo wikimedia commons

A long-time Monroe business may decide to stay and build its world headquarters there. 

Think "recliner" and chances are La-Z-Boy will come to mind.

The company that makes the famous chairs and other furniture started out in the city of Monroe 85 years ago.

It has about 500 employees at its Monroe location.  Now the company wants to build a new facility and says it's interested in staying in Monroe, but is also looking at other sites.

Bob Clark is the city's mayor. He says the City Council will review some economic incentives.  

Read more
10:42 am
Wed July 25, 2012

Making luck: Five ways to increase opportunity for disadvantaged kids

Lead in text: 
Last week, Dustin Dwyer from our State of Opportunity team showed us how upward mobility isn't so easy in the U.S., especially for disadvantaged kids. This week, Dustin shows us how some might break that pattern.
We've been taking a look at what research can tell us about getting ahead in America. Last week, we brought you "Five facts about achieving the
Commentary
10:50 am
Mon July 2, 2012

Commentary: Growing Inequality

Last week, I talked about the Michigan House of Representatives voting to slash the state income tax over the next six years. I thought this didn’t make a lot of sense, given that the state is having a hard time paying for essential programs now.

Later that day, I talked more about this with the man I think has the best overall knowledge of our state’s economy: Michigan State University professor Charles Ballard, author of the best little book there is on the subject: "Michigan’s Economic Future."

Read more
4:45 pm
Wed June 27, 2012

Hundreds of tech jobs coming to Ann Arbor, ex-Borders space to be filled

Lead in text: 
A sign of the times: remnants of Ann Arbor's iconic, now bankrupt, book seller - the Borders flagship store - will now be occupied by a network security and data protection company - Barracuda Networks. The company says it plans to create 184 "high tech and engineering jobs" over the next three years in downtown Ann Arbor. What's Ann Arbor's magic sauce? Parking spaces, smart people, and a desirable place to live.
The Campbell, Calif.-based security firm, which employs about 180 workers at its operation at 201 Depot St. in Ann Arbor, signed a lease this month for 45,000 square feet of office space once occupied by bookstore chain Borders.
Auto
10:56 am
Fri June 15, 2012

New Schedules Push Graveyard Shift Off The Clock

A worker builds cars on the assembly line at Ford's Chicago Assembly plant, which has adopted the "three crew" work schedule. The new third shift can increase efficiency in factories, but it can also wreak havoc on sleep needs and home lives.
Scott Olson Getty Images

Originally published on Thu June 14, 2012 10:54 pm

As car companies struggle to meet growing demand, the third shift is making a comeback. But many factories running on three shifts are doing it differently from in the past. And that new "three crew" shift pattern could make what's normally a hard job even harder.

At Ford's Michigan Assembly Plant in Wayne, employees work 10-hour shifts four days a week. The so-called A crew gets days, while the B crew gets afternoons. But the C crew shift rotates its start time every week. On Fridays and Saturdays, workers start at 6:00 a.m. On Mondays and Tuesdays, they start at 4:30 p.m.

Read more
Economy
1:01 am
Thu June 14, 2012

Michigan's home foreclosure rate declines for 19th straight month

Steve Carmody/Michigan Radio

Michigan’s home foreclosure rate continues to fall dramatically.

Realty Trac reports today foreclosure filings in Michigan fell another 6% last month and are down more than 40% compared to a year ago.

“We’re getting close to now 2 years of a long-term downward trend in Michigan foreclosure activity,” says Daren Bloomquist, who is a Realty Trac vice president.

Read more
Economy
2:45 pm
Wed June 13, 2012

Michigan's jobless rate edged higher in May

Michigan’s unemployment rate ticked up last month.

Michigan’s unemployment rate rose two tenths of one percent in May to 8.5%.

Read more
Auto
2:03 pm
Tue June 12, 2012

GM shareholder meeting today amid sagging stock numbers

The track of GM stock prices since the IPO in November in 2010.
screen grab WSJ MarketWatch

Update 2:03 p.m.

General Motors CEO Dan Akerson told stockholders at today's annual meeting that "he regrets GM's stock hasn't done well." GM's stock price is hovering around $22 a share.  

That's a big drop from 2010, when GM held an initial public offering and the stock sold at about $33 a share.

"I mean it's great we had a good year last year, why is the stock down? Because there's uncertainty into the future.  The most obvious is, uh, Europe," said Akerson.

Read more
Commentary
10:19 am
Mon June 4, 2012

Commentary: Two States of Michigan

I heard some interesting ideas about our economic future on Mackinac Island last week at the Detroit Regional Chamber of Commerce's annual conference of the state's movers and shakers. 

Read more
Auto
10:42 am
Fri June 1, 2012

Toyota sales recover strongly in May as overall U.S. sales rise

Chrysler Media

Toyota reported a sales increase in May of 87% compared to the same month a year ago - when the company's vehicle production had plummeted due to the tsunami hitting Japan in March.  

There were more selling days this month than last May, but it is still a robust recovery from the disaster, which reduced inventories on Toyota dealer lots and sent some customers to other car companies.

Toyota remains number three in overall sales in the U.S., however, just behind Ford, which saw its sales increase 13% in May.

Read more

Pages