Michigan Jobless Rate Drops to 5.3%

Michigan’s jobless rate is the lowest it’s been in 14 years.

Michigan’s monthly jobless rate has dropped to 5.3%. That’s the lowest it’s been in 14 years, and it matches the national average. But the drop this month is due mostly to fewer people out looking for work. The state’s unemployment rate was one and seven-tenths of a percentage point higher at this time last year. The rate of unemployment and under-employment is more than twice the official jobless rate. When part-timers who want to be full-time, as well as people who’ve quit looking for work are counted,

the rate goes up to 12.4%.