Unemployment rate in Michigan dropped to 4.4% in March as compared to 4.7% in February 2022. Michigan Department of Technology, Management and Budget has revealed these numbers regarding employment in Michigan. Moreover, the latest economic numbers show jobs gains in Michigan for the 11th consecutive month in March.
15,000 statewide jobs gains
The number of employment people increased by 29,000. Whereas, the number of unemployed fell by 14,000 which resulted in a statewide monthly labor force gain of 15,000. “The Michigan labor market has been positive this year. Michigan’s jobless rate has averaged 4.7 percent so far in 2022, and the state has only recorded a lower annual rate twice in recent decades, the periods from 1997 to 2000 and 2017 to 2019.” Wayne Rourke, associate director of the Bureau of Labor Market Information and Strategic Initiatives said in a statement.
Michigan’s jobs market is on road to recovery
State’s jobless rate also dropped by about two full percentage points since last June. Moreover, jobless rate has decreased by 0.5% over the past couple of months. In addition, the state’s total employment increased by 62,000 over the last three months. Statewide unemployment rate was 4.7% during the first quarter of 2022 which now stands at 4.4%. However, Michigan’s unemployment rate still stands 0.6% higher than pre-pandemic level of 3.8% in February 2020.
Improvement in manufacturing sector jobs
The Michigan Department of Technology, Management and Budget says job change was small in several Michigan industries last month. However, a large increase in jobs happened in the state’s manufacturing sector as employers recalled auto workers from temporary lay-offs. State’s manufacturing jobs increased by 8,000 during march 2022. In addition, leisure and hospitality sector added more than 61,000 jobs over the past year.
Michigan’s Governor welcomed the recently released employment numbers. He expressed his satisfaction over growing economy and low unemployment. “We’re getting things done in Michigan. Our hardworking people, innovative small businesses, and resilient communities continue to thrive as we stay focused on growing our economy. For 11 straight months, our economy has added jobs, and in March 2022, unemployment hit a pandemic-low of 4.4%. The last time Michigan had a 4.4% unemployment rate was in 2018.” Governor Gretchen Whitmer said in a statement.
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