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The Talent Investment Agency (TIA) started concurrently with the department, taking over activities previously carried out by Michigan State Housing and Development Authority, the Workforce Development Agency, the Governor's Talent Investment Board and the Unemployment Insurance Agency. [4]
The act (Statutes 1935, chapter 352) was set up to provide "a (monetary) reserve to assist in protecting the public against the social effects of unemployment." The purpose of the department was to operate a statewide system of employment agencies and distribute the payment of unemployment insurance to eligible unemployed workers. [citation needed]
Unemployment insurance is funded by both federal and state payroll taxes. In most states, employers pay state and federal unemployment taxes if: (1) they paid wages to employees totaling $1,500 or more in any quarter of a calendar year, or (2) they had at least one employee during any day of a week for 20 or more weeks in a calendar year, regardless of whether those weeks were consecutive.
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U.S. applications for unemployment benefits jumped to their highest level in two months last week but remain low relative to historical standards. Jobless claim applications climbed by 17,000 to ...
To understand this, let's consider a labor force of 100 people, of which 20 are unemployed. The unemployment rate is 20%. But if 10 unemployed people drop out of the labor force, that reduces the ...