Michigan’s seasonally adjusted unemployment rate remained constant over the month at 4.3 percent, according to data released today by the Michigan Department of Technology, Management & Budget. Employment in the state edged down by 1,000, while unemployment was unchanged over the month, resulting in a minor workforce reduction of 1,000 during December.
“Michigan’s 2022 labor market continued to show improvement, with an annual jobless rate only 0.2 percentage points above the 2019 pre-pandemic annual rate,” said Wayne Rourke, labor market information director for the Michigan Center for Data and Analytics. “Annual payroll jobs also advanced notably over the year.”
The U.S. jobless rate receded by one-tenth of a percentage point between November and December to 3.5 percent. Michigan’s December unemployment rate was eight-tenths of a percentage point above the national rate. Over the year, the U.S. unemployment rate fell by 0.4 percentage points, while Michigan’s rate was reduced by 0.8 percentage points since December 2021.
Labor force trends and highlights
Michigan’s over-the-year unemployment reduction of 15.1 percent was 5.5 percentage points larger than the U.S. over-the-year unemployment decline of 9.6 percent.
The statewide quarterly jobless rate rose by 0.2 percentage points since the third quarter of 2022.
The December statewide labor force participation rate remained unchanged over the month at 59.9 percent, while Michigan’s employment-population ratio edged down by one-tenth of a percentage point to 57.3 percent. Both December 2022 measures remained below their February 2020 values (61.1 percent and 58.8 percent, respectively).
