LANSING — Saying, “Michigan’s strong economic momentum continues,” Governor Gretchen Whitmer commented on the latest jobs report showing another strong month of job gains for Michiganders. The latest numbers show that Michigan’s unemployment rate dropped to 3.7% in May, continuing to inch down towards the all-time recorded low of 3.2% in February 2000.
“Our unemployment dropped to 3.7%, remaining below 4% for only the third period in nearly 50 years. With our strong labor market, working people can keep finding good-paying jobs, companies can grow in Michigan, and families have more money in their pockets for the kitchen-table essentials,” said Governor Whitmer. “In 2023, the majority in Lansing has cut taxes by $1 billion for seniors and working families, powered strong economic development efforts, and made record, bipartisan investments in housing, community revitalization, and workforce development.
The report also showed that Labor force participation rate climbed to 60.5 percent this month, the highest since July 2020 and that the state recorded 4,440,000 payroll jobs, an increase of 15,000 over the month and 82,000 over the year. Since the mid-1970s, Michigan’s unemployment rate only fell below 4.0% during three periods: periodically from 1998-2000, from November 2019 to March 2020, and now, from April 2023-present.
“Let’s keep our foot on the accelerator to deliver another balanced budget, grow our economy, and ensure anyone can ‘make it’ in Michigan,” Whitmer concluded.
