Jobless Rate Lowest Since 2001

(Originally published in MIRS, August 17, 2016)
Michigan’s unemployment rate fell in July to 4.5 percent, the lowest rate in Michigan since January 2001.
Michigan’s unemployment rate has continued to move incrementally downward in 2016, sustaining a mostly descending trend since July 2009. However, it should be noted that the state’s labor force and employment levels fell over this period, meaning fewer people are in the job market than 15 years ago.

“Michigan continues to record gradual jobless rate reductions during 2016,” said Jason PALMER, director of the Bureau of Labor Market Information and Strategic Initiatives. “Additionally, payroll jobs have increased during the year, with the state averaging 8,000 job gains per month.”

From July 2015 to July 2016, the number of unemployed in Michigan decreased by 33,000 or 13.4 percent, outpacing the national average. The national unemployment reduction was 5.8 percent over the same period.

Around 16,000 non-farm payroll jobs were added in July, with the greatest increase of 6,000 jobs in the manufacturing sector. Jobs in that sector earned an average of $880.06 per week in the month of July. In the sub-category of transportation equipment manufacturing, those earnings were slightly higher at $962.54 per week.

The industry that saw a drop in jobs the trade, transportation and utilities sector with a loss of 4,000 jobs.

For the second month in a row, the Detroit area reported a slight workforce reduction about about 6,000 jobs. Since July 2015, total employment in the region rose by 77,000 or 4.1 percent while the number of unemployed declined by 18,000 or 15.3 percent.

Follow

Get every new post delivered to your Inbox.

Join 903 other followers

%d bloggers like this: