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Economy

Michigan jobless rate drops to 4.7 percent

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Michigan’s monthly unemployment rate has dropped to 4.7%. That’s the lowest it’s been in 15 years. 

 

The drop in the monthly rate was not due to more hiring, but to 6,000 people who gave up looking for work. Fewer people competing for job reduces the jobless rate.

 

But Governor Rick Snyder says the overall hiring trend for the state is good. He says the state’s workforce has grown by roughly 100,000 people since the beginning of the year in hopes of finding a job. 

 

“That’s adding roughly another Flint-, Kalamazoo-, Ann Arbor-sized community in terms of more people coming back into the workforce, and most of those finding work,” he said.

 

Professional services, finance, health care, and manufacturing posted the largest job gains over the past 12 months.

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