Thursday, July 19, 2012

Michigan's jobless rate edges up

(Detroit NewsMichigan's jobless rate rose for a second straight month in June, inching up one-tenth of a percentage point to 8.6 percent, state officials said Wednesday.

The two-month increase follows nine straight months of reductions in the jobless rate. Michigan's unemployment rate is slightly above the national jobless rate of 8.2 percent, which was unchanged in June.

The Michigan Department of Technology, Management & Budget said total employment, which includes self-employed workers, fell by 8,000 in June, while the number of unemployed increased by 7,000. Payroll jobs in the state shrank by 1,000.

"The state labor market displayed little change in June and has been relatively stable through the first half of 2012," said Rick Waclawek, director of the Bureau of Labor Market Information and Strategic Initiatives. "Job gains in Michigan were modest during the second quarter, which was similar to national trends."

The uptick in unemployment isn't worrisome, said Bruce Weaver, an economic analyst with the Department of Technology, Management & Budget.

"A change of a tenth of a percent is not statistically significant," he said. "When you look at the unemployment rate, these differences are too small to conclude anything. However, the drop in unemployment over the past year is significant."

Michigan's June jobless figure is two full percentage points lower than the June 2011 rate of 10.6 percent. The national jobless rate fell nine-tenths of a percentage point during the same time.

Since January, the state's total employment rose by 1.1 percent or 45,000 jobs.

Three major job sectors continue to report growth this year. Professional and business services added 10,000 jobs, 3,000 in June alone. Education and health services added 9,000 jobs and financial activities, 3,000.

No comments:

Post a Comment