Michigan’s monthly jobless rate has dropped to 5.3 percent -- the lowest it’s been in 14 years, and it matches the national average.
Gov. Rick Snyder (R) had this to say in a written statement:
“The hard work we’ve done together in Michigan to boost our economy and create more and better jobs continues to pay off. While it’s important to recognize how far we’ve come, we must never lose sight of where we want to be. We can be proud that more than 420,000 private sector jobs and opportunities for Michiganders have been created since the end of 2010, but we must not be satisfied. We can, and will, continue to grow and thrive.”
But the reality is drop this month is due mostly to fewer people out looking for work, instead of a net gain in hiring.
“The reduction in the state’s July jobless rate was primarily due to a minor decline in the number of individuals actively seeking work,”
says Michigan Bureau of Labor Market Information and Strategic Initiatives Director Jason Palmer. But Michigan’s jobless rate has been steadily improving as the state and national economies rebuild. The Michigan unemployment rate was 1 and 7/10ths of a percentage point higher at this time last year.
But the rate of unemployment and under-employment is more than twice the official jobless rate. When part-timers who want to be full-time, as well as people who’ve quit looking for work are counted, the rate goes up to 12.4 percent.
