Michigan Department of Technology, Management and Budget’s Post

Michigan’s seasonally adjusted unemployment rate advanced by three-tenths of a percentage point over the month to 4.4 percent during July, according to data released today by the Michigan Department of Technology, Management and Budget. Employment was reduced by 6,000 over the month, while unemployment increased by 16,000, resulting in a labor force gain of 10,000 during July. “The uptick in Michigan’s jobless rate reflected an increase in both unemployment and the total workforce during July,” said Wayne Rourke, labor market information director for the Michigan Center for Data and Analytics. “Industry employment was mixed over the month which resulted in a slight decline in payroll jobs.” Read more in our update at https://lnkd.in/gifaE6Ky.

State Employment and Unemployment Summary for 10/2023: Unemployment rates were higher in October in 26 states and stable in 24 states and the District of Columbia, the U.S. Bureau of Labor Statistics reported 11/17/23. Twenty-one states had jobless rate decreases from a year earlier, 12 states and the District had increases, and 17 states had little change. The national unemployment rate, 3.9 percent, changed little both over the month and over the year. https://lnkd.in/eNXcaYXG

Overcoming The Labor Shortage 7.5 million Americans lost their extended unemployment benefits in September. The question remains, how will this impact the labor shortage plaguing the majority of small businesses? Fortunately, we don't have to wait to find out. Twenty-two states have ended their employment benefits early, and the numbers are in. Let's start with the bad news, in these twenty-two states, consumer spending dropped. This is bad for local businesses and couldn't come at a worse time. A new research paper from Harvard University found that these twenty-two states experienced an average of 20% decrease in week-over-week consumer spending, compared to states that kept benefits in place. Eliminated Benefits will mean millions of Americans will finally be available to work. Right? You wouldn't be alone in this thought process. Although, the data from this study shows that only 4.4% more workers in those early-out states gained employment compared to their colleagues in states that kept benefits in place. For every eight workers that lost benefits in the early out states, only one went on to gain employment. What does this mean for my business? Well, for starters, it means weathering the storm a little longer. Even though 7.5 million Americans lose a significant portion of income, we shouldn't expect a flood of applicants after September 6th. Potential employees re-entering the workforce are demanding more than ever before, and small businesses often find themselves unable to keep up.   It also means being prepared to weather a potential decrease in income due to consumer spending declines (approximately 20%). What can be done? Fortunately, Congress has released and/or renewed many programs to offset the catastrophic effects Covid-19 is having on small businesses. All employers qualify for up to $26,000 per employee of emergency relief even if their business took advantage of the PPP program or other emergency relief programs. In partnership with S.Ted Youn, Growth Management Group has developed software to help businesses find out precisely what emergency relief they qualify for and quickly get the money into their hands, helping businesses all across America. Get the help your business needs! Up to $5,000 for Every Employee You had 2017-2020 Up to $21,000 for Every Employee You have in 2021 Up to $2,400 for Every Employee You hire Up to $150,000 for Every Commercial Building You Own https://lnkd.in/d3F97krP

Unemployment appears to be creeping up....is this good or bad? Recurring applications for jobless claims highest since 2021 Bloomberg News | June 27, 2024 Recurring applications for US jobless benefits rose to the highest level since the end of 2021, a warning sign suggesting that it’s taking longer for unemployed people to find a job. Continuing claims, a proxy for the number of people receiving benefits, increased to 1.84 million in the week ended June 15, according to Labor Department data released Thursday. Meanwhile, first-time claims ticked down to 233,000 last week, a period that included the Juneteenth holiday. Hiring has slowed significantly from the pandemic-recovery era of widespread labor shortages, and the unemployment rate ticked up last month to 4% for the first time in two years. Economists and Federal Reserve policymakers are watching the claims data for signs of whether the labor market — which so far has been surprisingly resilient — is continuing to soften. Goldman Sachs Chief Economist Jan Hatzius recently said the labor market is reaching a potential “inflection point,” where a further material softening in demand for workers could lead to a rise in joblessness. Weekly claims data tend to be volatile, even more so around holidays and school breaks. The four-week moving average, which smooths short-term fluctuations, increased to 236,000, the highest since September 2023. Initial claims before adjustment for seasonal influences decreased by 3,570 to about 224,400. Minnesota, Texas and Pennsylvania saw the highest declines. New Jersey had a sizable gain in claims. Stock futures pared losses and bond yields rose after the data reinforced bets that the Fed will be able to cut rates later this year. A separate report Thursday showed that orders placed with US factories for business equipment unexpectedly declined in May, indicating firms remain cautious about investment amid higher-for-longer borrowing costs and softer demand. In the 20 years preceding the Covid-19 pandemic, weekly initial applications averaged about 345,000, and continuing claims averaged roughly 2.9 million. (With assistance from Chris Middleton, Jarrell Dillard and Mark Niquette.) Link to article: https://lnkd.in/gmNmR2Pq

🔥 Released today, Bureau of Labor Statistics February data ranks Miami-Miami Beach-Kendall MSA as #1 for percent increase in employment and the #1 lowest unemployment rate in US.   ·         The largest over-the-year percentage increases in employment occurred in Miami-Miami Beach-Kendall, FL (+2.8 percent), Tacoma-Lakewood, WA (+2.4 percent), and Fort Worth-Arlington, TX (+2.1 percent).   ·         In February, Miami-Miami Beach-Kendall, FL, had the lowest division unemployment rate, 1.6 percent. Tacoma-Lakewood, WA, had the highest rate among the divisions, 6.8 percent. (See table 2.)  

Below average... According to today's Bureau of Labor Statistics nonfarm payroll report for April the U.S. economy added 175K jobs with an unemployment rate of 3.9% (that's well below the 12 month average of 242K) But you still have openings, so where do you turn? Staffing services are expensive, but did you know funded programs give you control (and $$) to hire and train new team members?! Turn here to learn more - https://lnkd.in/g44szbsM Jobs great in healthcare, transportation, warehousing, government, retail, and social assistance, but declined in construction. https://lnkd.in/g2sqZM4D #employment #hiring #HR #unemployment Illinois workNet, Illinois Department of Employment Security, Chicago Cook Workforce Partnership

US unemployment rate stays at 3.8%, but nearly one-third of states report rising unemployment. Job gains in Texas, Georgia, and Oregon. Federal Reserve may consider another rate hike with strong jobs reports. #LaborMarket #EconomicTrends

Maryland has registered a record unemployment rate of 1.6% in September — less than half the national unemployment rate of 3.8% that month — Labor Department data shows. That’s the lowest seasonally adjusted unemployment rate of any state on records going back to 1976, according to a CNN analysis. Metropolitan areas in the state are also seeing some of the lowest unemployment rates in the country, including the Baltimore metro and the California-Lexington Park area. A massive loss of working-age people in the state in the wake of the Covid-19 pandemic, and its slow recovery since, is the key reason behind the state’s ultra-low unemployment rate. However, Maryland’s job market is still robust, with government and health care employers adding jobs at a brisk pace. Low unemployment, a smaller pool of available workers and more than 180,000 job openings in the state, according to government figures, means that workers in Maryland have the leverage to switch jobs and demand higher wages. The biggest industries in Maryland are government, health care, education and professional services. Fort Meade, a military base, is the largest employer in the state, according to Moody’s Analytics. The University System of Maryland and Johns Hopkins University, along with each university’s medical system, are also among the biggest employers. Government employers have consistently added positions in the state over the past year, with the sector growing by more than 17,000 jobs in September from the same month a year earlier, according to the Labor Department. State and local governments employ vastly more Marylanders than the federal government, which still has a large presence in the state. Health care and hospitality businesses have also been adding jobs at a solid clip in recent months. “This concentration of new jobs in Maryland are in the industries seeing the highest growth across the nation,” Christina DePasquale, an associate professor of practice at Johns Hopkins Carey Business School, told CNN.

As you enjoy your Super Saturday, Here is some info worth noting. According to the Commonwealth of Massachusetts Executive Office of Labor and Workforce Development, Massachusetts Unemployment & Job Estimates for December 2023 Labor force increases by 13,900, largest increase since January 2022; Unemployment at 3.2% BOSTON, MA – January 19, 2024 --- The state’s December total unemployment rate was 3.2 percent, up 0.3 percentage point from the revised November estimate of 2.9 percent , the Executive Office of Labor and Workforce Development announced Friday. The Massachusetts unemployment rate was 0.5 percentage points lower than the national rate of 3.7 percent reported by the Bureau of Labor Statistics (BLS). Over-the-year, the state’s seasonally adjusted unemployment rate was down by 0.5 percentage points. Manufacturing gained 500 jobs over-the-month. Over-the-year, 900 were added.