LANSING, MI (WKZO AM/FM) — Michigan’s seasonally adjusted jobless rate decreased by one-tenth of a percentage point in July to 4.2 percent, according to data released on Wednesday, August 17, by the Michigan Department of Technology, Management & Budget.
According to a release from the department, statewide employment inched up by 8,000 and unemployment was reduced by 5,000, resulting in a minor workforce gain of 3,000 over the month.
Similar to Michigan, the national jobless rate edged down by one-tenth of a percentage point to 3.5 percent in July.
Michigan’s July unemployment rate was seven-tenths of a percentage point above the U.S. rate.
The national rate declined by 1.9 percentage points over the year, while the statewide rate fell by 2.0 percentage points since July 2021.
Labor force trends and highlights
- The national workforce was unchanged over the month, a change comparable to the minor statewide workforce increase of 0.1 percent since June.
- Michigan’s over-the-year total unemployment reduction of 32.4 percent was slightly below the unemployment decrease observed nationally (-34.6 percent).
- The July statewide labor force participation rate of 60.1 percent was unchanged over the month. Michigan’s employment-population ratio edged up by one-tenth of a percentage point to 57.6 percent. Both July 2022 measures remained below their February 2020 values (61.1 percent and 58.8 percent, respectively).
Michigan payroll employment increases in July
According to the monthly survey of employers, Michigan seasonally adjusted nonfarm jobs advanced by 26,000, or 0.6 percent, between June and July, resulting in a payroll job total of 4,349,000. Job gains occurred throughout multiple industry sectors over the month.
Industry employment trends and highlights
- Statewide total nonfarm employment advanced for the second consecutive month during July.
- Michigan’s leisure and hospitality sector exhibited the largest payroll employment increase over the month of 10,000, or 2.6 percent.
- After four months of job declines, the statewide retail trade sector exhibited an employment increase over the month of 2,000, or 0.5 percent.
- On a percentage basis, minor unrounded nonfarm job declines occurred in the information and financial activities industries during July.
- Michigan total nonfarm jobs advanced by 133,000, or 3.1 percent, over the year.
- On a numerical basis, the most pronounced over-the-year industry job gain occurred in the statewide professional and business services sector (+34,000).
- Statewide total payroll employment in July was 103,000, or 2.3 percent, below its February 2020 pre-pandemic level.
