WXYZ: Matthew Roling on economic recovery
Thursday's jobless report from the U.S. Department of Labor is grim, showing around 1.1 million Americans filing for unemployment insurance last week. Mike Ilitch School of Business part-time faculty Matthew Roling said the increase from last week indicates Americans are still struggling to get back on their feet during this pandemic. “It’s not a good sign," he said. "The economists that had been polled had a consensus estimate that the jobless claims would come in at around 900,000. And ultimately we came in at around 200,000 higher than that. And that might not seem like a lot, but that's a city the size of Grand Rapids," he said. “The recovery isn’t happening as fast as everyone would like it to.” In Michigan, the slow re-opening of some businesses offers a glimmer, albeit small - of optimism. Around 2,000 fewer workers applied for unemployment help compared to the previous week.
“That’s really upsetting to those families but I think we can look into it and find some positives for Michigan’s economy," he said. However, with Michigan's unemployment insurance just more than $362 per week, Roling said getting that federal assistant is going to be vital for the hundreds of thousands in Michigan still grappling with unemployment.