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Local News

A Shrinking Job Market- State of Employment in MI

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Data from the U.S. The Bureau of Labor Statistics provides insight into the scope of employment in Michigan. With information from as recently as January, 2024, we can compare Michigan’s employment turnover data with that of other states to get a better picture of how things stand here in the Great Lakes State. 

Michigan had 261,000 job openings in October 2023, compared to 285,000 openings in December. Regional Commissioner Jason Palmer noted that the job openings rate in Michigan was 5.5 percent in January and 6.0 percent in the previous month.

The ratio of unemployed persons per job opening in Michigan was 0.8 in January. Nationwide, 32 states and the District of Columbia had ratios in January that were lower than the national measure of 0.7 unemployed persons per job opening; 10 states had ratios that were higher than the national ratio, and 8 states had ratios equal to the national measure.

Other states in the region had practically identical ratios like 0.9 in Illinois, and 0.7 in Indiana. Ohio and Wisconsin, however, had a ratio of 0.6. 

While the national unemployment rate remains low, total employment is projected to grow by almost 4.7 million from 2022 to 2032, according to the Bureau of Labor Statistics. This is good news for not just Michiganders, but all Americans. 

More information about employment and job turnover in Michigan can be found here