Economy

Economy
9:04 am
Wed April 23, 2014

Advisors on Detroit bankruptcy picked

Judge Steven Rhodes

DETROIT, MI (AP)--   A federal judge overseeing Detroit's bankruptcy has selected experts from Boston and New York to advise him on the city's plan to get out of Chapter 9.  

Marti Kopacz of Phoenix Management Services will be the court's expert witness. She'll give opinions on whether Detroit's plan is feasible and whether the forecast for future revenues and expenses is reasonable.

Kopacz will testify this summer when Judge Steven Rhodes holds a trial on Detroit's bankruptcy exit plan.

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Economy
10:11 am
Wed April 16, 2014

Detroit police, firefighters agree to pension deal

Credit Diane Bukowski / voiceofdetroit.net

DETROIT, MI (AP)--   The city of Detroit has reached a deal with retired police officers and firefighters that would preserve current pensions. 

Under the agreement, retirees would see a reduction in annual cost of living payments that are attached to the pensions. The deal was announced Tuesday by mediators who have been negotiating privately with all parties in Detroit's bankruptcy.

The city had been proposing a 6 percent pension cut and no cost-of-living payments.

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Economy
11:39 am
Tue April 8, 2014

Gas prices take a dive

DEARBORN, MI (AP)--   AAA Michigan says gasoline prices have fallen about 11 cents during the past week to a statewide average of about $3.65 per gallon. 

The auto club says Monday the average is about 2 cents per gallon less than this time last year.

Of the cities it surveys, AAA Michigan says the cheapest average price for self-serve unleaded fuel is in the Traverse City area, where it's about $3.61 a gallon. The highest average is in the Ann Arbor area at about $3.69 a gallon.

Dearborn-based AAA Michigan surveys 2,800 Michigan gas stations daily. 

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Economy
10:47 am
Fri April 4, 2014

Unemployment up in MI

LANSING, MI (AP)--   Michigan's seasonally unadjusted unemployment has risen four-tenths of a percent for the second straight month to 8.5 percent. 

The Department of Technology, Management & Budget released regional joblessness figures for February on Thursday.

The latest reported statewide unemployment rate is up from 8.1 percent in January and 7.7 percent in December. It's down from 9.4 percent in February 2013.

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Inclement Weather/Economy
6:44 am
Fri April 4, 2014

State provides funding for winter-slammed budgets

Credit Jessica J. Trevino / www.freep.com

LANSING, MI--   Michigan counties, cities, and villages have received $100 million to help pay for road maintenance. 

Many municipalities’ budgets are depleted from a harsh winter of plowing, salting, and filling potholes.  A supplemental appropriations bill approved by the Legislature last month gives the Michigan Department of Transportation $39.1 million, counties $39.1 million and cities and villages $21.8 million.     

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