Michigan’s seasonally adjusted unemployment rate edged down by one-tenth of a percentage point to 3.7 percent between April and May, according to data released by the Department of Technology, Management & Budget. Employment in the state advanced by 33,000, while unemployment fell by 7,000, resulting in a net statewide labor force increase of 26,000 over the month.
“Michigan’s declining unemployment rate has signaled a strong job market so far in 2023,” said Wayne Rourke, labor market information director for the Michigan Center for Data and Analytics. “Payroll employment has risen for the seventh consecutive month as businesses continue hiring workers.”
The U.S. unemployment rate increased by three-tenths of a percentage point to 3.7 percent during May. Michigan’s May jobless rate matched the national unemployment rate for the first time since June 2018. Over the year, the U.S. rate advanced by one-tenth of a percentage point, while the statewide rate receded by three-tenths of a percentage point.
Labor force trends and highlights
Michigan’s May labor force level of 4,895,000 was the largest workforce total seen in the state since July 2020 (4,954,000).
Total employment in the state rose by 0.7 percent over the month, while the national employment level decreased by 0.2 percent since April.
Over the year, the number of unemployed people in Michigan fell by 6.8 percent. The national unemployment level advanced by 2.0 percent during the same period.
The May statewide labor force participation rate rose by three-tenths of a percentage point to 60.5 percent over the month, while Michigan’s employment-population ratio increased by 0.4 percentage points to 58.3 percent.
