Michigan now enters an unexpected recession per new data, which confirms the second worst economic plunge in the country.
The Federal Reserve Bank released its monthly State Coincident Index and it doesn’t make for good reading for people in Michigan, reports Ash Jurberg.
“The economies of sixteen U.S. states contracted between July and October, with Michigan experiencing the second most significant decline.”
Business Insider reports the coincident indexes “pull together four state-level indicators, including nonfarm payroll employment, the unemployment rate, average hours worked in manufacturing by production workers, and wage and salary disbursements deflated by the consumer price index.”
And according to this data, Michigan posted a -1.37% decline.
Does this mean the entire United States is now officially in a recession too? Not quite.
While Michigan has entered into a recession, the performances of other states may see the United States as a whole avoid a recession.
DataTrek Research cofounders Nicholas Colas and Jessica Rabe said the growth of most states “should be enough to keep the U.S. economy as a whole from falling into recession this quarter.”
However, sentiment on Michigan’s economy has slightly dipped.
The University of Michigan released a consumer sentiment index, showing people’s confidence in the economy decreased.
The November index shows a drop in consumer sentiment from 63.8 to 61.3.
Will many more states eventually follow? Banking experts continue to weigh in on the possibility of an entire US recession next year.
But I’d love to know your thoughts on this — leave a comment down below.
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Also Read: Massive Layoffs in California Now Underway Prior to Holidays
Other Michigan Economy News Today
Unexpected layoffs in Michigan will now affect thousands soon according to the latest WARN data today.
A total of 10 businesses have now filed WARN notices advising of layoffs in Michigan during this fourth quarter.
While these businesses have not yet announced a starting date, the notice dates are currently available.
It’s important to note that under the Worker Adjustment and Retraining Notification Act, an employer with more than 100 full-time workers must provide a 60-day notice before laying off 50 or more people at a single site.
Below is a list of companies who have advised of upcoming layoffs in Michigan so far during the fourth quarter of 2023:
- RPT REALTY. 99 job cuts, filed 10/30.
- FAITH PLASTICS LLC. 10 job cuts, filed 10/17.
- Exela Technologies.44 job cuts, filed 10/17.
- ANTOLIN. 146 job cuts, filed 10/13.
- ST JAMES NURSING & PHYSICAL. 34 job cuts, filed, 10/10.
- ACCENTURE TECHNOLOGY. 83 job cuts, filed 10/9.
- Meridian Lightweight Technologies Inc. 25 job cuts, filed 10/04.
- GREAT LAKES CASTINGS LLC. 100 job cuts, filed 10/03.
- DURA FREMONT LLC. 25 job cuts, filed 10/3.
- VENTRA EVART LLC. 414 job cuts, filed 10/3.
So far in 2023, there has been approximately 8,240 layoffs in Michigan across 50 businesses according to the latest WARN data.
California remains the #1 state with the most layoffs in the country.
In second place is New York followed by Colorado, Illinois, Texas, Washington, New Jersey, Florida, Michigan, and Georgia.
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Also Read: Massive Layoffs in California Now Underway Prior to Holidays
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