Michigan’s seasonally adjusted unemployment rate was unchanged for the third consecutive month at 4.3 percent, according to data released today by the Department of Technology, Management & Budget. Total employment in the state rose by 8,000 and unemployment receded by 2,000 over the month, resulting in a labor force increase of 6,000 during February.
“Michigan’s labor market was stable in February,” said Wayne Rourke, labor market information director of Michigan’s Center for Data and Analytics. “Payroll jobs rose for the fourth consecutive month.”
The national unemployment rate rose by two-tenths of a percentage point in February to 3.6 percent. Michigan’s February rate was seven-tenths of a percentage point above the U.S. rate. The national unemployment rate decreased by two-tenths of a percentage point over the year, while Michigan’s rate edged up by one-tenth of a percentage point since February 2022.
Labor force trends and highlights
Michigan’s employment level rose by 0.2 percent over the month, while the national employment total inched up by 0.1 percent.
The U.S. labor force over the year increase of 1.5 percent was 1.1 percentage points larger than the statewide workforce increase since February 2022.
The February statewide labor force participation rate remained at 59.8 percent over the month, while Michigan’s employment-population ratio edged up by one-tenth of a percentage point to 57.3 percent. Both February 2023 measures remained below their pre-pandemic February 2020 values (61.3 percent and 59.0 percent, respectively).
