It’s a bit confusing looking at the numbers. Many say we are flirting with recession, while prices of many goods and services are at near all time highs. Meanwhile, the number of people working continues to rise—and Michigan finds itself with an unemployment rate at its lowest level in 23 years, 3.6 percent. Employers looking for workers often can’t find them, especially in the service industries and public employment.
This week, the State of Michigan put out its completed analysis of the June employment statistics and they are generally positive:
Michigan’s seasonally adjusted jobless rate decreased by one-tenth of a percentage point to 3.6 percent during June, according to data released by the Department of Technology, Management & Budget. Total employment increased by 26,000, while unemployment edged down by 3,000, resulting in a labor force gain of 23,000 over the month.
“Michigan’s labor market continued to remain steady in June with little change in employment and unemployment,” said Wayne Rourke, labor market information director of the Michigan Center for Data and Analytics. “Seasonally adjusted payroll jobs also remained stable over the month.”
The national unemployment rate inched down by one-tenth of a percentage point to 3.6 percent between May and June. For the second consecutive month, Michigan’s jobless rate matched the national rate. The U.S. unemployment rate was unchanged at 3.6 percent over the year, while Michigan’s rate receded by four-tenths of a percentage point since June 2022.
Labor force trends and highlights
Michigan’s jobless rate fell for the fourth consecutive month during June.
Michigan’s total employment level advanced by 0.6 percent over the month, an increase four-tenths of a percentage point larger than the national employment gain (+0.2 percent).
Michigan’s second quarter average unemployment rate of 3.7 percent was half a percentage point below the jobless rate seen in the prior quarter (4.2 percent).
The June statewide labor force participation rate increased by two-tenths of a percentage point to 60.7 percent over the month, while Michigan’s employment-population ratio increased by 0.3 percentage points to 58.6 percent.
Industry employment trends and highlights
Michigan’s trade, transportation, and utilities industry demonstrated the largest numerical payroll employment decrease over the month (-4,000).
Nonfarm jobs in the state’s professional and business services sector rose for the fourth consecutive month, with employment advancing by 11,000 since February 2023.
Over the year, Michigan’s nonfarm employment total rose by 76,000, or 1.7 percent.
The largest numerical over-the-year payroll job gain was seen in Michigan’s government sector (+22,000).
Payroll jobs increased by 24,000 in the second quarter of 2023, similar to the 25,000 jobs added in the first quarter.
