Source:
Detroit NewsLast Updated: April 04. 2011 3:17PM
Hiring to jump as state adds jobs at 10 times expected rate
Brian J. O'Connor / Detroit News Finance Editor
The Michigan economy is off to a stronger start for the year than expected and will add more than 64,000 jobs this year — almost 10 times as many new jobs as economists predicted just months ago.
According to new data released this afternoon by the University of Michigan's Research Seminar in Quantitative Economics, the state will add 64,600 during 2011 and 61,500 during 2012. In November, the same economists expect job gains of 48,000 in 2011 and just 6,300 for this year.
"We estimate that 2011 began with robust job growth of 3.8 percent at annual rate, reflecting in part a bounce in manufacturing," George Fulton, director of the seminar, wrote in the new report.
Michigan's economy bottomed out in the third quarter of 2009, Fulton adds, and has shown stronger job growth than the nation as a whole during the weak recovery. Going forward, he writes, the position will flip. If that happens, it will echo past recessions, where Michigan's manufacturing-dependent economy showed high rates of unemployment quickly, but regained some of those lost jobs earlier and faster than the rest of the country.
Read more:
http://detnews.com/article/20110404/BIZ/104040397/Hiring-to-jump-as-state-adds-jobs-at-10-times-expected-rate#ixzz1IaJeBvVh
Wow!
That's some headline.