Michigan’s unemployment rate saw a slight increase in June, rising to 4.1 percent for the first time this year. This uptick was expected as the state transitions to a more normal pace of job recovery post-pandemic, according to Michigan Labor Market Information Director Wayne Rourke. The manufacturing sector lost approximately 3,000 jobs, while other industries such as retail, hospitality, and trade also experienced job losses. However, sectors like professional and business services and healthcare saw a combined increase of 4,000 new jobs.
The national unemployment rate also stood at 4.1 percent in June, showing a slight increase of 0.1 percentage point. Rourke noted that inflation may have contributed to the cooling off of the job market in June, but it will take time to determine if this is a temporary fluctuation or the beginning of a larger trend. Over the past year, the government sector and health services/private education added a total of 38,000 positions, while the construction sector saw a significant 7.6 percent increase.
As Michigan continues to monitor its job market on a month-to-month basis, Rourke emphasized the importance of tracking trends to understand the impact of inflation and the ongoing recovery from the pandemic. The state remains hopeful that any cooling off of the labor market will be temporary, as it strives to maintain a steady pace of job growth and economic stability.
Source
Photo credit www.wvpe.org