Michigan’s unemployment rate in January fell by a half percentage point to 7.8 percent, down from 8.3 percent in December, according to data released today by the Michigan Department of Technology, Management & Budget. Total employment rose by 32,000 over the month and the number of unemployed declined by 20,000. The state’s labor force increased by 11,000 in January.
“Today’s news is another indicator of a more competitive, business-friendly climate that is encouraging businesses to invest and create new jobs in our state,” Michigan Economic Development Corporation President and CEO Michael A. Finney said. “Lower business taxes, eliminating red tape, focusing on talent, and innovative economic development tools have increased opportunities for both Michigan businesses and our world-class workforce.”
Michigan’s January jobless rate was the lowest for the state since the 7.6 percent rate recorded in May 2008. From January 2013 to January 2014, total employment in Michigan increased by 52,000 or 1.2 percent, and the number of unemployed in the state fell by 50,000 or 12 percent. Payroll jobs increased by 37,000 or 0.9 percent over the same period, led by growth in manufacturing (+17,000), professional and business services (+14,000) and trade, transportation and utilities (+9,000).
Source: MEDC
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