Tagged: jobs

The White House is ramping up its efforts to get Congress to approve extended unemployment benefits for out-of-work Americans. Michigan's unemployment rate in October was the second-highest in the nation, at 12.8%.

The president's Council of Economic Advisers released a report that touts the need for extending benefits. The report says for the typical person getting unemployment, the benefits make up a third of the household income.  As Presidential adviser Cecilia Rouse noted:

And in those 42% of households where the unemployed person was the sole wage earner, it's about 90 percent of the income. So it's quite an important source of income for these families.

The report says about 620,000 people in Michigan received benefits through October.

Republicans in Congress say the cost of extending the benefits is too high. They want to look at budget cuts and tax cut extensions first.

Today executives at General Motors announced they plan to add 1,000 jobs in Michigan.

Now, Chrysler executives have announced they also plan to add 1,000 jobs.

The Wall Street Journal reports:

General Motors has just announced that it will hire 1,000 engineers to work on battery technology in Michigan. The jobs include helping to develop batteries for hybrid, electric and hydrogen fuel cell vehicles. Most of the jobs will be at a technical center in Warren.

The Detroit Free Press reports the jobs come as GM:

…prepares to deliver the first Chevrolet Volt extended-range electric cars next month… GM plans to build 10,000 Volts by the end of 2011 and at least 45,000 in 2012. Initially, the Volt will sell in California, New York City, Washington, D.C., and Austin, Texas. Next spring, those markets will expand to include Michigan, New Jersey, Connecticut and the rest of New York and Texas. Within a year and a half, GM plans to sell the Volt nationwide.

Jobless benefits will expire for tens of thousands of unemployed Michiganders this week unless Congress approves an extension.



Many of those losing their benefits are expected to turn to Michigan food banks and other non-profit groups.



"Those safety nets are really not prepared to take on all of these extra families," says Judy Putnam, with the Michigan League for Human Services."

The Associated Press reports that the state "will stop taking new extended unemployment benefit applications after Saturday because Congress has failed to renew the program."

All week we’ve been looking at the reinvention of Pittsburgh. Now, we move west to see whether the ideas that worked there can work in other places. One such city is Detroit.

Like Pittsburgh, Detroit has always faced a challenge in convincing its talented citizens to stay. Many business owners try to buck the odds and keep their businesses in the city, only to find the hurdles too high. Others find it is simply too daunting to head out on their own.

Update: 5:10pm

The New York Stock Exchanged closed.  AFP News reports "GM stocks closed at 34.19 dollars, up 3.6 percent from GM's initial sale price announced on Wednesday, but below session highs of 35.60 dollars a share."

Update: 3:00pm

The Detroit News reports the GM executives who attended the opening day for GM stock on the New York Stock Exchange bought hundreds of shares in the company themselves.

GM North American chief Mark Reuss called it an emotional day, saying he was proud to work for GM and thanking taxpayers for giving GM "a second chance."

The News reports the GM execs will head back to Detroit "after today's events in order to attend a private employee celebration at the company's Renaissance Center headquarters."

Update: 11:04pm

GM  executives rang the bell and played a recording of a Chevy Camaro revving its engine to open trading at the New York Stock Exchange this morning. As of this writing, the stock, bought during the IPO at $33 per share, has jumped to $35 per share in trading. Here's how it's tracking next to Ford's stock (F):