There are some promising economic signs in Michigan, but we shouldn't start celebrating just yet.
Mike Wilkinson of The Detroit News writes that the state economy is showing signs of recovery and that median incomes are holding steady after years of decline. On the other hand, the jobs report was not so promising.
It's the first time since 2007 that income didn't decline, he notes. Median household income in Michigan hit $46,859 in 2012, but was still down $6,200 from the 2007 levels.
But the report says that the number of people in poverty is stagnating.
Wilkinson writes:
The tepid report has economists and retailers painting a picture of a state economy that is standing, but still wobbling as customers cautiously buy cars and appliances and consider vacation homes again.
Also, on the downside, the state’s jobless rate increased for the third month in a row in August, hitting 9 percent, The News reported.
