Daimler North America is moving its headquarters to Michigan from New Jersey. Michigan Governor Rick Snyder announced the relocation Wednesday after meeting with Daimler executives in Germany. The headquarters will be in Farmington Hills, where the company's financial services operations are based.

This announcement comes alongside the report that Michigan's unemployment rate dropped to 5.1 percent in August, its lowest point in 14 years.

The Associated Press reports that the seasonally adjusted jobless rate fell two-tenths of a percentage point last month. The state Department of Technology, Management & Budget says total employment rose by 8,000 in August, while the number of unemployed declined by 7,000.