The jobless rate in Michigan rose to 4.1% in June, the first increase this year according to data from the Michigan Department of Technology, Management and Budget. The state’s manufacturing sector lost 3,000 jobs, with other sectors such as retail, hospitality, and utilities also experiencing job losses. However, professional and business services as well as healthcare industries saw modest job gains. Over the year, the government sector added 21,000 positions, while construction saw a significant 7.6% increase in employment.
Despite the increase in the jobless rate, Wayne Rourke, labor market information director for the Michigan Center for Data and Analytics, noted that the labor force and payroll jobs remained stable in June. The national unemployment rate also rose to 4.1% in June, an increase of 0.1 percentage points, with a half percentage point increase over the year. Michigan’s unemployment rate increased by 0.4 percentage points since June 2023.
The department highlighted the importance of monitoring these trends for economic indicators, as the job market continues to fluctuate amidst ongoing challenges and recovery efforts. With varying levels of job gains and losses across different industries, it is crucial for policymakers and stakeholders to address labor market dynamics and provide support for those impacted by changing employment opportunities.
Source
Photo credit www.michigansthumb.com