(Source: MIRS.news, Published 10/03/2024) A Michigan Center for Data and Analytics report of the labor market and wages across the state showed there were signs that the job market was slowing down.

However, the indicators were still growing while wages minus inflation remains stagnant.

The biggest positives from the 2023 Michigan Annual Economic Analysis Report showed the highest number of payroll jobs in the state since 2003, and both employment and workforce participation reached a 15-year high. Unemployment was as low as in the year 2000. 

“Michigan’s labor market hit historic levels in 2023 and continued to improve in the first six months of 2024. The state’s unemployment rate was low for multiple demographic groups, while the number of jobs and labor force continued to expand,” said Michigan Center for Data and Analytics Director Scott Powell.

While the overall wages have increased across the state, when adjusted for inflation, real hourly earnings saw a 0.7 percent decrease from $26.40 to $26.20 between June 2019 and June 2024.

More than 63 percent of Michiganders made between $15 to $25 per hour. More than 28% made $25 to more than $30 per hour. Less than nine percent made under $15 per hour. 

The report shows the number of jobs under $15 per hour has fallen from more than 30 percent to more than 15 percent between 2021 and 2023, while the number of jobs between $15 to $25 per hour increased over the same time period. The number of jobs paying $50 per hour or more increased by about three percent.

The median household income was also rising in Michigan, going from $63,500 in 2021 to $67,000 in 2022.

The state's top job sectors with the lowest wages below $17 per hour were retail, health care and social assistance, and hospitality and food service. The top jobs paying more than $34.75 per hour were in health care and social assistance, professional, scientific, and technical services, and manufacturing. 

The number of job openings was dropping in 2023, and had fallen even lower in the first six months of 2024.

The amount of turnover experienced by all jobs in the state was at the lowest point since 2014, with the turnover rate at 5.6 percent.

The projections for the labor market over the next 10 years, the report measured from 2022 to 2032, indicated only small increases because of the growth rate of the state’s population. 

“Looking forward, our recent projections indicate that any growth in the coming years will require more people moving into Michigan,” Powell said.