Not seasonally adjusted unemployment rates increased in 16 of Michigan’s 17 labor market areas over the month, according to data released today by the Michigan Department of Technology, Management & Budget.
“Regional jobless rates advanced in May as residents began entering the summer job market,” labor market information director for the Michigan Center for Data and Analytics Wayne Rourke said in a statement. “Payroll employment rose in most metro areas over the month.”
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Michigan’s seasonally adjusted unemployment rate decreased by three-tenths of a percentage point to 3.8% during April, according to data from the Department of Technology, Management, and Budget.
Employment in the state rose by 30,000, while unemployment decreased by 14,000. Michigan’s labor force rose by 18,000 over the month, with some sectors rebounding from COVID’s job losses.
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The lifeblood of Michigan’s economy – workers – fell to a record low as COVID-19 continued to disrupt the workforce.
Michigan’s labor force participation rate – the proportion of working-age people working or actively looking for work – fell to a record low rate in 2020 and has slightly rebounded, according to St. Louis Federal Reserve data.
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Women’s employment increased markedly from June to July, but the total number of employed working-aged men actually dropped in that same time span according to a July jobs report released Friday.
There were 170,000 fewer employed men in July than June, whereas 349,000 more women were employed in July, according to Yahoo Finance. Women’s unemployment dipped to 3.1% in July from 3.3% in June while the same figure for men remained steady at 3.2% from June, the Bureau of Labor Statistics’ July 2022 Employment Situation report found.
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One legacy of the COVID-19 pandemic could be the devastation it brought to the American worker by disconnecting millions from the workforce.
New research estimates that 3 million workers plan to remain permanently sidelined over concerns of physical illness or physical impairment due to COVID-19.
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A $40 million project is estimated to help 30,000 workers statewide secure employment through the state’s Going PRO Talent Fund.
The program aims to lure back Michigan’s workforce lost during COVID-19, encourage specialization, and help businesses fill jobs in a tight labor market. Between Feb. 2020 and April 2020, Michigan’s labor force plunged by 341,500 or 6.9%. Labor force levels in Michigan have rebounded modestly, increasing by 139,400 or 3% percent from April 2020 to August 2021.
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The Labor Department’s official unemployment rate—the most well-known gauge of the labor market’s health—counts as unemployed only those who aren’t working but are actively seeking a job.
Yet there is very little that we can infer from the jobless rate about the health of the economy. The unavoidable conclusion is that the only reason investors follow the calculation is because both Washington’s politicians and the Federal Reserve are expected to react to it.
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