Business & Economy

Job creation cuts unemployment rate

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By STEPHANIE HERNANDEZ McGAVIN
Capital News Service
LANSING — The unemployment rate in Michigan had a significant drop of 1.6 percent from September 2014 to September 2015, according to the Bureau of Labor Statistics. The creation of additional jobs cut Michigan’s unemployment rate to 5 percent. That is less than the national average and 9.9 points below the state’s unemployment peak during the Recession. One of the sectors leading the charge in job creation is manufacturing. Manufacturing took a hard hit during the Recession but it has its highest number of jobs since 2009, said Michelle Wein, a labor analyst for West Michigan at the Bureau of Labor Market Information and Strategic Initiatives in the Department of Technology, Management and Budget.

Business & Economy

More young entrepreneurs starting Michigan businesses

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By STEPHANIE HERNANDEZ McGAVIN
Capital News Service
LANSING — In a state that has a reputation as an economic sinkhole, revived cities, growing local economies and the idealistic attitude of students are starting to keep young entrepreneurs in Michigan. Small Business Association of Michigan Director of Government Relations Michael Marzano said that it is time for the state to relabel itself and its vibrant cities to attract businesses. He used the introduction of ArtPrize in Grand Rapids as an example of a new idea that stimulates the local economy and draws in young people. Marzano said, “Think about what ArtPrize does for the economy of a downtown area like that. It’s just built it up so much.

Business & Economy

Business owners say minimum wage could push up prices

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By MICHAEL KRANSZ
Capital News Service
LANSING — Some Michigan small businesses that pay employees more than the state’s minimum wage say the recent increase could drive costs up for their customers. It rose from $7.40 to $8.15 on Sept. 1 in the first of four phases leading to $9.20 in 2018 for workers who don’t get tips. Mike Valle, owner of Valle’s Village Market in Marquette, said the increase could translate into a price-hike domino effect, even though he is already paying employees more. “I can’t say right now, but I’m sure it’s going to have an impact on the prices,” Valle said.