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5 things on the minds of Michigan businesses eyeing Biden vaccine mandate
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Revenue surge is erasing Michigan budget gaps
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Michigan s unemployment up to 7.5% in December as job losses in leisure, hospitality mount Adrienne Roberts, Detroit Free Press
Michigan s unemployment rate increased in December for the second straight month, a troubling sign for the speed of the state s economic recovery after the rate was steadily declining for several months since the early days of the pandemic.
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The state s unemployment rate increased to 7.5% in December, up from 7% the month prior, according to data released Thursday from the Michigan Department of Technology, Management and Budget. November s jobless rate was revised up from 6.9% to 7%.
Michigan s jobless rate over the course of 2020 was 9.7%, preliminary estimates show, a significant jump from 4.1% in 2019, reflecting the widespread job losses caused by the pandemic. Last year s unemployment rate is the highest the state has seen since 2011, when it reached 10.4%.
Federal stimulus, more online shopping means $1.2B more tax revenue for Michigan than expected
Updated Jan 16, 2021;
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Federal funding and a big boost from online consumer spending filled Michigan’s coffers with more money than initially expected but experts warned the deep economic impacts of the COVID-19 pandemic will still likely be felt for years.
The Michigan Department of Treasury and the state House and Senate fiscal agencies projected Friday that the state will collect $24.3 billion in revenue for the general and school aid funds, up $1.2 billion from estimates made last August. For the 2021-2022 fiscal year, officials predicted combined revenues would total $25.3 billion, $874.8 million more than the previous projection.
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