Michigan unemployment rate remains stable in May
23 June 2024
Nik Rajkovic / [email protected]
Michigan’s seasonally adjusted unemployment rate remained at 3.9 percent in May for the fourth consecutive month, according to data from the Michigan Department of Technology, Management & Budget. Employment and unemployment in the state rose during the month, leading to a 3,000-strong increase in the labor force since April.
“Michigan continued to have a strong labor market in May,” said Wayne Rourke, director of labor market information at the Michigan Center for Data and Analytics. “The number of wage and salary jobs increased for the fourth month in a row.”
The national unemployment rate rose 0.1 percentage points to 4.0 percent during the month. Michigan’s unemployment rate in May was one-tenth of a percentage point lower than the U.S. rate. For the year, both the national and Michigan unemployment rates rose 0.3 percentage points.
Labor market trends and highlights
• State employment remained essentially unchanged in May, while the national total number of employees declined 0.3 percent.
• Unemployment in Michigan rose 8.8 percent year-over-year, an increase nearly equal to the national increase in unemployment (+8.7 percent).
• The national labor force participation rate remained stable at 62.3 percent in May. Michigan’s employment rate also remained constant at 59.9 percent.
Unemployment rate in the Detroit metropolitan area rises slightly over the course of the month
The seasonally adjusted unemployment rate for the Detroit-Warren-Dearborn Metropolitan Statistical Area (MSA) rose 0.1 percentage points to 3.9 percent in May. The region’s labor force remained virtually unchanged, increasing by 1,000 since April.
The unemployment rate in the Detroit MSA increased by 0.7 percentage points year-on-year. Employment increased by 15,000 and unemployment increased by 16,000 since May 2023.
Michigan: Nonfarm employment increases in May
According to the monthly employer survey, Michigan’s employment rose by 8,000, or 0.2 percent, on a seasonally adjusted basis during the month. The job gains occurred primarily in the state’s leisure and hospitality sectors, while most other industries saw only minor job changes.
Employment trends and industry highlights
• Total nonfarm jobs in Michigan increased for the fourth consecutive month in May.
• Michigan’s leisure and hospitality sector had the largest numerical employment gain during the month, increasing by 6,000 since April.
• Total nonfarm jobs in Michigan increased by 41,000, or 0.9 percent, year-on-year, on a seasonally adjusted basis.
• The sectors with the strongest employment growth over the course of the year included the public sector (+17,000), the private education and health sector (+17,000) and the construction industry (+16,000).