Michigan’s unemployment rate is now lower than the national rate of unemployment. But this wasn’t the case about five years back. Here are some interesting facts about the unemployment rates of the Michigan state.
#1 Michigan’s unemployment rate was highest in 2009; it was 14.9%.
#2 Last year’s unemployment rate was 5.9%.
#3 This year the unemployment rate is 4.8%; where the national rate is 4.9%.
#4 During the month of February, about 32,000 people were employed.
#5 There were 91,000 more payroll jobs last month in Michigan compared to last year.
#6 The loss of jobs from year 2000 to 2009 had a great impact on the unemployment rate of Michigan. It will take two more years to recover 73% of the lost jobs.
#7 The Ann Arbor area is reported to have recovered from the loss though with 3.6 percent unemployment rate recently.
Due to the increase in the number of payroll jobs, people are entering and reentering the workforce of Michigan. Michigan is now considered to be a more viable place to live than the other states as the unemployment rate here is lower than that of the nation.
The Government should take measures to further decrease the unemployment rate so that the labor market can be in the condition it was before the year 2000.