Wednesday, April 7, 2010

Manufacturing and Employment in Michigan

1. Anyone who is involved in Michigan's work force should be interested in this statistic. When you think manufacturing, the first thing that comes to mind is the automotive industry- which has been hit hard by the economic downturn in the last decade. Ford is the only of Detroit's big three that is still thriving.

2. Statistics on manufacturing is collected by the companies and is usually updated/reported quarterly to show gains/losses as well as performance value. Employment is gathered through a collaborative effort from both the state and the company, with the company having to report who is on their payroll, how many employees, etc.. and the state department does surveys to find out how many potentional workers are unemployed. This statistic is done annually.

3. Because I referenced Ford and Detroit's big three as Michigan's major manufacturing company, I will give its statistics from its most recent quarter in accordance with Unemployment in the metro detroit area.

In 2006 Ford posted a quarterly loss of $5.8 Billion USD- this was during the worst of the financial crisis. Since then, Ford has recovered greatly. But to show the relation between this companies performance and employment- In 2006 Michigan had the highest unemployment rate over any other state at 6.9%.

No comments:

Post a Comment