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5:59 PM ET, February 27, 2024
Michigan economy overview: Revenues lag the state.
From CNN’s Chris Isidore and Tami Luby
Automotive jobs are no longer as dominant in Michigan as they once were, and the state as a whole is – The country, which holds Republican and Democratic primaries on Tuesday, has lost many of its former auto-related jobs to other parts of the country. Two of his Big Three companies, GM and Chrysler, went bankrupt in his 2009 year and needed federal bailouts to survive.
The impact not only hurt jobs but also auto wages, as the United Auto Workers agreed to significant concessions, including lower wages, to help all three companies survive. But that helped push down wages across the state.
Until 2000, the state’s median household income was above the national average, according to the Growing Michigan Together Council, a group founded by Gov. Gretchen Whitmer to develop solutions to Michigan’s challenges. Over the past 50 years, the state’s average income has declined compared to U.S. levels.
The state’s median household income is currently just under $67,000 in 2022, compared to just under $75,000 for the nation, according to the latest data from the U.S. Census Bureau.
However, after the previous six week strike, autumn At GM, Ford and Stellantis, the United Auto Workers union won immediate raises for at least 11% of its members. Members’ salaries are expected to rise by more than 30% over the course of the contract, which expires in 2028.
Employment in the state’s auto and parts factories has stabilized in recent years, but overall manufacturing employment has increased by a modest 4.5% since the end of 2020. However, this has still not replaced the jobs lost in the sector in the first year of 2020. Pandemic. Statewide employment in December was up 9.6% from the end of 2020, but was still down 0.5% from December 2019, on the eve of the pandemic. Meanwhile, Michigan also faces serious challenges as automakers plan the transition to electric vehicles (EVs).
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