Since January 2021, the Michigan economy has added 242,600 jobs, bringing the state’s unemployment rate down from 6.4 percent to 4.3 percent. That still sits higher than the national average of 3.6 percent, which leaves an estimated 6 million Americans – and roughly 308,000 Michigan residents – still unemployed.
Despite this, state officials have reported that 88 percent of the jobs lost between February 2020 and April 2020 have been regained. The largest addition happened in the state’s second-largest sector (professional and business services), which saw 34,500 new jobs between January 2021 and April 2022.
The largest sector (trade, transportation, and utilities) added 28,700 new jobs, while the third-largest sector (educational and health services) added 2,800 new jobs.
Initial claims for Unemployment Insurance in Michigan fell 69 percent since President Biden took office, from around 21,000 at the start of the Administration to about 6,400 for the week ending May 28, 2022. Quit rates, used as a measure of labor market strength, rose from 2.4 percent in January 2021 to 2.7 percent in March 2022.
