Unemployment Ticks Up In October For First Time In 15 Months
November 22, 2022
Article by MIRS News, for SBAM’s Lansing Watchdog e-newsletter
The unemployment rate in Michigan rose ever so slightly by 0.1% to 4.2%, the first increase in 15 months, according to the Department of Technology, Management and Budget.
The U.S. unemployment rate rose by 0.2% over October to end the month at 3.7%, leaving the state at 0.5% above the national rate. Total unemployment in Michigan increased by 4,000 for the month, while there were 10,000 jobs removed, resulting in a workforce reduction of 6,000.
“The uptick in Michigan’s jobless rate reflected a minor workforce reduction over the month,” said Wayne Rourke, associate director of the Bureau of Labor Market Information and Strategic Initiatives.
However, Rourke said the number of payroll jobs has increased since September, which is the fifth consecutive month. Nonfarm jobs have risen 54,000, or 1.3%, since May. Payroll jobs went up by 10,000 between September and October.
The biggest hits in nonfarm job loss came from construction and financial. Minor employment gains were seen in the professional and business services sectors and leisure and hospitality, which has been low.
The average weekly earnings of production workers also increased in October, from $1,066.95 to $1,075.13, while the average hours worked stayed at 42.1. Transportation manufacturing workers saw a decrease in weekly earnings from $1,316.95 to $1,295.14 and a loss of 0.3 average weekly hours.