Mich. Jobless Rate Falls To Lowest Level In Three Years
The state announced Wednesday that Michigan's seasonally adjusted unemployment rate fell sharply in November, by eight-tenths of a percentage point. The rate stands at 9.8 percent, which marks the first time it's been below double digits in three years.
According to data released by the Michigan Department of Technology, Management & Budget, total employment rose by 21,000 over the month as the number of unemployed dropped by 39,000. The net result was a 19,000 reduction in the state's workforce.
The Michigan jobless rate in November 2011 was one and six-tenths percentage points below the November 2010 rate of 11.4 percent. The national jobless rate decreased by one and two-tenths percentage points over this period.
"Since August, Michigan's unemployment rate has shown signs of improvement, decreasing by over a full percentage point," said Rick Waclawek, director of the Bureau of Labor Market Information and Strategic Initiatives. "Job growth over the past year has occurred in business services, manufacturing, and health care."
The numbers are better than in the past, but Michigan's unemployment rate is still higher than the national rate, which was 8.6 percent in November, down 0.4 percentage points from the previous month.
Here are highlights by the numbers:
• Michigan's November jobless rate was the lowest for the state since the 9.4 percent rate posted in October 2008, and was the first time the rate was below 10.0 percent since November 2008.
• The national unemployment rate declined from 9.0 to 8.6 percent in November.
• November marked the third consecutive monthly increase in statewide total employment, and the third monthly decline in the number of unemployed.
• Michigan's labor force continued its downward trend in November, marking the eighth monthly consecutive drop dating back to April. Since April, the state's workforce has fallen by 88,000 or
1.9 percent.
• The primary reason that Michigan's unemployment rate has dropped since 2010 has been due to fewer unemployed individuals in the state actively seeking employment in 2011.