Michigan’s Unemployment Rate Lowest Since 2001

Posted by Inigo On March - 27 - 2015 0 Comment

Michigan has been slowly recuperating since the downfall of our economy a few years back. The unemployment rate skyrocketed during the most past economic environment, but slowly things seem to be looking up. Michigan’s unemployment rate, as of recently has been steadily decreasing and the last time the rate was this low was in October 2001. It’s time for Michigan’s comeback and we’re all ready and waiting!

According to the data from the Department of Technology Management and Budget, Michigan’s seasonally adjusted unemployment rate in February of this year was 5.9 percent. That’s an improvement from January’s 6.3 percent and looking at the yearly change from February 2014 to February 2015 there was a 1.9 percent decrease.

Although the numbers look great on paper, the actual number of employed people isn’t as great as it was back in 2001. Michigan’s current labor force and total employment levels remain 300,000 people below the October 2001 levels. However, Governor Rick Snyder points out that 400,000 private sector jobs created in Michigan since the end of 2010.

“We should be proud that our hard work in reinventing Michigan is showing results, with companies tapping our talent and legendary work ethic as they create more and better jobs,” Snyder said. “But we can’t just be satisfied with being a leader in the Midwest. We’re working to lead the nation in developing the skilled trades, creating an environment for businesses to grow and thrive and building on the entrepreneurial spirit that is known around the globe.”

The diversity of growth in the job market is really the key factor in this major rate decrease. The professional and business services segment has added 33,000 jobs over the last year. Manufacturers added 20,000, construction companies added 12,000, education and health services added 8,000, and leisure and hospitality companies added 8,000. The variety of jobs being created allows for there to be more of an opportunity for the unemployed to find something in their field.

Currently there are about 281,000 people in Michigan looking for jobs but can’t find one, the economic definition of unemployed. That being said, that is 24 percent less than last year, which was 369,000.

It’s an exciting time for Michigan and the economy as a whole.

About the Author: Jim is a guest contributor from the Lansing Economic Area Partnership, or LEAP, a coalition of area leaders committed to building a vibrant environment where businesses thrive.

Comments are closed.