U-M: Michigan job losses will continue through 2008

By: The Associated Press
By: The Associated Press

University of Michigan economists say the state will keep losing jobs for a while longer.

They say an employment decline that has wiped out about 400,000 Michigan jobs since mid-2000 will eliminate 76,000 jobs in 2007 and 51,000 in 2008.

The annual economic forecast says Michigan will gain 15,000 jobs in 2009.

Economists George Fulton, Joan Crary and Saul Hymans say vehicle sales should stabilize by 2009 and home-building should revive.

They say Michigan gained about 700,000 jobs in the seven years before the current slump began.

Michigan's seasonally adjusted unemployment rate stood at 7.7 percent in October. That's the highest since 1992 and 3 points above the nation's 4.7 percent rate.

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