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Sarah Alvarez · Midwest Memo: Michigan Unemployment Rate Rises, Borders May Keep More Stores Open
June 16th, 2011
Three must-read stories about the Midwestern economy.
1. Michigan’s unemployment rate is the highest in the region. The Detroit News reports new monthly jobless numbers show the number of people filing for unemployment rose in Michigan. The rise was attributed to job losses in government work. Michigan’s unemployment rate is now 10.3 percent, more than one percent higher than the national average of 9.1 percent. Indiana’s rate fell over the last month to 8.2 percent. Wisconsin has the lowest unemployment in the region at 7.3 percent.
2. Borders Group Inc. may have reached a deal to keep more than 40 stores open. The bookstore chain has been working with lenders to modify its bankruptcy filing in a way that allows them to keep the stores open, says the Wall Street Journal. A judge will still have to approve the changes.
3. Chevy’s Camaro is outselling Ford’s Mustang. Bloomberg Media reports the Camaro is consistently outselling the Mustang. This development has left a factory that makes the Mustang in Flat Rock, Michigan with too much space and not enough to produce. Ford used to share the space with Mazda, but that company just pulled out of the factory. Ford says it will now have more flexibility in building more Mustang variations. The Mustang isn’t due for a redesign until 2014.
