Michigan Unemployment Rate Remains Stable in May
June 23, 2024
Nik Rajkovic / news@whmi.com
Michigan’s seasonally adjusted jobless rate remained at 3.9 percent for the fourth consecutive month during May, according to data released by the Michigan Department of Technology, Management & Budget. Employment and unemployment in the state both advanced over the month, resulting in a labor force gain of 3,000 since April.
“Michigan continued to display a strong labor market during May,” said Wayne Rourke, labor market information director for the Michigan Center for Data and Analytics. “Payroll jobs advanced for the fourth consecutive month.”
The national jobless rate rose by 0.1 percentage points to 4.0 percent over the month. Michigan’s May unemployment rate was one-tenth of a percentage point below the U.S. rate. Over the year, both the national and Michigan unemployment rates advanced by 0.3 percentage points.
Labor force trends and highlights
• Employment in the state was essentially unchanged during May, while the national employment total receded by 0.3 percent.
• Unemployment in Michigan rose by 8.8 percent over the year, a nearly identical gain to the unemployment increase seen nationally (+8.7 percent).
• The May statewide labor force participation rate was stable at 62.3 percent over the month. Michigan’s employment-population ratio also remained constant, staying at 59.9 percent.
Detroit metro area unemployment rate edges up over month
The Detroit-Warren-Dearborn Metropolitan Statistical Area’s (MSA) seasonally adjusted unemployment rate rose by 0.1 percentage points over the month to 3.9 percent during May. The region’s labor force was nearly unchanged, edging up by 1,000 since April.
The Detroit MSA jobless rate advanced by 0.7 percentage points over the year. Employment rose by 15,000, and unemployment increased by 16,000 since May 2023.
Michigan nonfarm jobs increase in May
According to the monthly survey of employers, Michigan seasonally adjusted payroll employment increased by 8,000, or 0.2 percent, over the month. Job gains mainly occurred in the state’s leisure and hospitality sector while most other industries recorded only minor job changes.
Industry employment trends and highlights
• Michigan total nonfarm jobs advanced for the fourth consecutive month during May.
• Michigan’s leisure and hospitality sector exhibited the largest numerical employment gain over the month, with employment increasing by 6,000 since April.
• Michigan seasonally adjusted total nonfarm payroll jobs rose by 41,000, or 0.9 percent, over the year.
• Industries with the most pronounced over-the-year numerical job gains included government (+17,000), private education and health services (+17,000), and construction (+16,000).