In a case of good news/bad news, the unemployment rate in Michigan didn’t increase, but stayed high at 8.5% for the third straight month.
The Department of Economic Labor Growth reports Michigan has the highest rate of unemployment in the country, and they were well above the national average of 5.7% for July.
Michigan’s numbers have not been pretty across the board in terms of its labor market. The state has the highest annual average of unemployment in the country dating back to 2006.
Michigan has now seen a decline in employment for every month this year since January. The number of unemployed individuals in July increased by 65,000, or 18.4%, since the same month of last year. Twenty-nine thousand jobs were lost in the state for the month, and the only reason the jobless rate stayed at 8.5% was because 33,000 fewer people were in the workplace.
The employment outlook has not been good for Michigan, as massive layoffs in the automotive and pharmaceutical sectors fuel the fire. Still, the state is working to diversify its labor market, and 8,000 new jobs were posted in July in the government and manufacturing fields.