The state’s unemployment rate has decreased slightly as the body in charge of generating such figures revises its data.
According to current data from the state’s Department of Technology, Management, and Budget, Michigan’s seasonally adjusted unemployment rate for January was 4.9 percent.
The metric was issued late last week, which was a little later than usual.
Later this week, figures for the state’s 17 biggest labor markets, including Monroe County, will be announced. They will include annual statistics as well as January jobless figures.
DTMB data for the preceding month’s unemployment figures have traditionally been issued in the middle of the month. A few weeks later, regional data is released. The data for January did not follow this pattern.
Officials from the DTMB are praising a significant drop in the unemployment rate year over year.
In 2020, the unemployment rate in the state was expected to be about 10%. In the previous year, the rate fell to 5.9%.
“As Michigan people returned to work following pandemic-related layoffs, this was the third biggest rate decline among states in 2021,” Wayne Rourke, associate director of the Bureau of Labor Market Information and Strategic Initiatives, said.
As a result of the COVID-19 epidemic, unemployment rates began to rise in early 2020. Unemployment rates are computed by dividing the number of persons paying payroll taxes by the number of people getting unemployment benefits.
Regulations, changing consumer trends, and mandatory business closures implemented across Michigan in the early days of the epidemic all contributed to the increase. Benefits were also made available to persons who were not normally eligible for unemployment benefits, such as freelancers and the self-employed, and were provided on a longer-term basis.
Rate decreases, according to DTMB officials, are symptomatic of a statewide economic recovery.
In January 2019, the state’s unemployment rate was 3.8 percent. According to a statement from the agency, DTMB officials agree that the rate is still high compared to pre-pandemic conditions.
According to a news release, recalls from layoffs played a key impact in the economy’s resurgence year over year.
Last month, nonfarm payroll jobs climbed by roughly 11,000 across the state.
The leisure and hospitality business, which added almost 6,000 jobs last month, had the highest pace of increase. This implies a restoration of around 118,000 jobs in that sector in 2021 vs 2020, however, the industry is still smaller than it was pre-pandemic.
In December, the most recent known indicator for local unemployment figures was 4.3 percent.
Nonfarm payroll jobs employed about 68,900 Monroe County inhabitants.
The state provided financial assistance to approximately 3,100 local unemployed individuals.
This week will see the release of revised yearly data for the Monroe labor market, as well as January data.