(Source: MIRS.news, Published 06/16/23) Michigan's unemployment rate dropped one-tenth of a percentage point to 3.7% in May, marking the first time the state’s jobless rate matched the national rate since June 2018.
Data released by the Department of Technology, Management and Budget showed employment went up by 33,000 and unemployment fell by 7,000, for a statewide labor force gain of 26,000 in May.
“Michigan’s declining unemployment rate has signaled a strong job market so far in 2023,” said Wayne Rourke, Michigan Center for Data and Analytics labor market information director. “Payroll employment has risen for the seventh consecutive month as businesses continue hiring workers.”
Not only has seasonally adjusted nonfarm payroll employment risen by 15,000, the statewide labor force itself rose by three-tenths percent. The labor participation rate rose to 60.5%, meaning more people joined the workforce. The Michigan employment-population ratio also increased by 0.4%.
Gov. Gretchen Whitmer chimed in shortly after the report was released to note that this is the third period in nearly 50 years that has seen unemployment below 4%.
“With our strong labor market, working people can keep finding good-paying jobs, companies can grow in Michigan and families have more money in their pockets for the kitchen-table essentials,” Whitmer said.
This week, the governor held “Make it in Michigan” roundtables to see what small businesses need to thrive.
Michigan's all-time record low for unemployment was 3.2% in February 2000.
