Michigan’s Unemployment Rate Fell Faster Than Almost Any Other State Michigan’s drop in unemployment was the third-quickest in the US; the number is the latest indicator that the state’s economy is continuing to gain strength.
By Main Street Sentinel Staff
Michigan’s unemployment rate dropped to 4.9 percent in January, and the state added jobs for the ninth month in a row, according to the latest employment report. The report also showed that Michigan’s average unemployment rate fell from 10 percent in 2020 to 5.9 percent in 2021 – the third-fastest decline among the 50 states.
The employment figures are yet another indication that the economy is booming both in Michigan and across the US.
Michigan gained 220,000 jobs over the course of 2021, and the state started off 2022 with a $7 billion surplus – a far cry from the $3 billion deficit projected at the beginning of the pandemic. More recently, Governor Gretchen Whitmer successfully led a bipartisan effort to secure a $7 billion investment from General Motors Co. that is expected to create 4,000 jobs for Michiganders.
Meanwhile, nationwide data shows that Americans started 5.4 small businesses over the course of 2021, a 68 percent increase from the pre-pandemic average of 3.2 million per year. In a sign of consumer optimism, US retail sales leaped 3.8 percent between December and January. And the US unemployment rate decreased dramatically in February, contributing to a 90 percent decline compared to the previous year.