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Michigan’s unemployment rate in January fell to its lowest level in more than 12 years.
The state’s jobless rate in January was 6.3%, down 0.1% from the December 2014 revised rate of 6.4%.
It’s the lowest unemployment rate for Michigan since the 6.3% rate posted in November 2002.
According to the Michigan Department of Technology, Management & Budget, total employment rose by 22,000 in January while the number of unemployed decreased by 8,000. The net impact was a 15,000 over-the-month gain in the state’s labor force.
The Michigan jobless rate in January was 1.6% below the state’s January 2014 rate of 7.9%. The national unemployment rate in January was 5.7%.
Michigan’s 2014 annual unemployment rate was revised slightly upward by 0.1% from 7.2% to 7.3%. The 2014 annual rate declined by 1.6% from the 2013 annual rate of 8.9%.
2014 marked the fifth consecutive year that the state’s annual unemployment rate decreased.
