US Jobless Claims Hit Six-Month Low Despite Michigan's Rising Unemployment

Michigan's unemployment rate increased to 4.7% in October, marking the seventh consecutive monthly rise, driven by a loss of 9,000 jobs and a shrinking workforce. The state's jobless rate is now 0.6 percentage points higher than the national average. The decline is attributed to economic slowdown, particularly affecting the auto industry, with announced layoffs from major automakers like General Motors, Ford, and Stellantis. While government and certain sectors like private education and health services have seen job growth, the private sector, especially manufacturing, is struggling, raising concerns about economic sustainability.