Michigan’s December Unemployment Rate Climbs

                               

Lancing, MI  (CompNewsNetwork) - Michigan's seasonally adjusted unemployment rate in December increased by two-tenths of a percentage point to 7.6 percent, according to data released today by the Michigan Department of Labor & Economic Growth (DLEG). Total employment declined by 21,000 as unemployment rose by 13,000. As a result, the state's labor force edged downward by 8,000 over the month.

Michigan's December 2007 jobless rate was four-tenths of a percentage point above the state's December 2006 rate of 7.2 percent. The national rate rose by six-tenths of a percentage point in the same period.

"Michigan's jobless rate has remained in the mid seven percent range since August," said Rick Waclawek, director of DLEG's Bureau of Labor Market Information and Strategic Initiatives.

Monthly Labor Force Trends & Highlights

 From December 2006 to December 2007, total employment in Michigan fell by 90,000 or 1.9 percent. Total employment nationally edged upward by 0.2 percent in the same time frame.

 Since December 2006, statewide unemployment rose by 17,000 or 4.6 percent, significantly less than the 13.2 percent increase nationally in the same period.

 The national jobless rate in December rose by three-tenths of a percentage point over the month to 5.0 percent.

Michigan's 2007 Preliminary Annual Average Labor Force Trends & Highlights

Michigan's preliminary annual average unemployment rate in 2007 was 7.2 percent. Total employment averaged 4,679,000 in 2007, while unemployment averaged 361,000. The state's annual labor force level was 5,041,000.

"The most significant trend in Michigan's labor market in 2007 was the decline in the state's work force," said Waclawek, "This has not occurred since 2003, and was primarily due to buyouts and continued restructuring in the auto industry."

 Michigan's preliminary 2007 jobless rate increased by three-tenths of a percentage point from the 2006 annual rate of 6.9 percent. The state's annual average jobless rates have hovered around 7.0 percent since 2003. However, the 2007 annual unemployment rate was the highest since the 1993 annual rate of 7.4 percent.

 From 2006 to 2007, total employment in Michigan fell by 51,000 or 1.1 percent, while unemployment increased by 10,000 or 2.8 percent.

 The state's labor force declined by 40,000 in 2007 from 2006. Michigan's workforce had been steadily increasing since 2003.

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