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Michigan's unemployment rate rises in November after automotive industry job cuts

Michigan's unemployment rate rises in November after automotive industry job cuts


Published on 2024-12-19 16:41:32 - Yahoo Finance
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  • Recent layoffs across Michigan's automotive industry contributed to the state's unemployment rate rising to 4.8% in November, up from 4.6% in October.

Michigan's unemployment rate increased to 4.3% in November from 4.0% in October, as reported by the Michigan Department of Technology, Management & Budget. This rise was attributed to a decrease in the labor force participation rate, which fell by 0.2 percentage points to 60.1%. Despite the uptick in unemployment, the state saw a slight increase in total employment by 1,000, while the number of unemployed individuals rose by 17,000. The labor force itself decreased by 16,000. Additionally, Michigan's jobless rate remains above the national average, which was 3.7% in November. The sectors experiencing job losses included professional and business services, while gains were noted in government and education and health services.

Read the Full YAHOO!Finance Article at:
[ https://finance.yahoo.com/news/michigans-unemployment-rate-rises-november-202823655.html ]
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