Michigan’s seasonally adjusted unemployment rate dropped very slightly during January to 4%, according to new jobs numbers released Thursday by the Michigan Department of Technology, Management and Budget.
“Stable is good,” said Michigan Labor Market Information director Wayne Rourke. He said Michigan’s modest monthly gains have added up over the past year. “January was pretty flat, but, you know, throughout 2023 this has been a growth that we’ve seen in the labor force and employed people in the population, so those are good trends and good signs.”
The DTMB said Michigan employment advanced by 2.3% over the year while the national total rose by 0.6 percent. Although Michigan’s January rate was higher than the national average of 3.7 %.
Rourke said it appears Michigan’s hot jobs market may be on the cusp of cooling.
“We’re not seeking as many job openings as we used to,” he said. “It’s still high. It’s still good. But the speed at which things have been coming back to a new normal has started to slow down a little bit it appears. But who knows what the future holds?”