Michigan unemployment rate drops in February

LANSING, Mich. (WLUC) — On a seasonally adjusted basis, Michigan’s unemployment rate fell two-tenths of a percentage point in February to 4.7%, according to data released today by the Michigan Department of Technology, Management & Budget.

During the month, the number of employed people increased by 14,000, while Michigan’s unemployed number fell by 6,000, resulting in an overall labor force gain of 9,000 or 0.2%.

“Michigan’s labor market indicators showed continued signs of improvement in February,” said Wayne Rourke, associate director of the Office of Labor Market Information and Strategic Initiatives. “The state’s labor force grew and the number of unemployed fell, while salaried jobs increased for the tenth consecutive month.”

Michigan’s February unemployment rate was 0.9 percentage points higher than the national rate of 3.8%. Nationally, the unemployment rate fell 2.4 percentage points on the year, more than Michigan’s annual rate reduction of 1.6 percentage points.

“Michigan is on the move. In tough times, Michiganians continue to work hard and build on our economic momentum,” Governor Gretchen Whitmer said. “For ten straight months, our economy has created jobs and our unemployment rate continues to decline. From February 2021 through February of this year, Michigan created 172,000 jobs, and this trend will continue as we continue our efforts to strengthen economic development, relieve small business, and reduce taxes for seniors and families. workers.

Michigan’s unemployment rate has fallen a full percentage point since September 2021.

Over the year, Michigan’s labor force grew 1.1% due to an increase in the total number of employees (+124,000) and a drop in the number of unemployed residents (-72 000).

Copyright 2022 WLUC. All rights reserved.