The unemployment rate is the way the government, as well as the Bureau of Labor Statistics, measures the unemployment within the country and on a state level. The jobless rate is a measurement of employed and unemployed workers in the labor force. For purposes of the unemployment rate, employed individuals are categorized through active employment albeit temporary, part-time or full-time. In order to be considered unemployed, the individual must not have a job, but available for an opportunity to work. This means that the jobless rate does not affect students, retirees or homemakers, as these residents are not considered unemployed workers.
The reason the jobless rate is important to follow and measure is to keep an eye on the economy and potentially predict economic trends within the country. This is especially valuable when budgeting state and federal unemployment insurance programs. When an unemployment rate is low, it might indicate that there is an improvement in the economy or economic growth occurring. A high jobless rate usually indicates a slack in the labor market and oftentimes even cause for a recession.
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What is the unemployment rate in Michigan?
As of May 2017, the unemployment rate in Michigan dropped to 4.2 percent. The jobless rate dropped half percentage point in comparison to the month of April. Officials have stated that the cause for such a decline in the unemployment rate is due to the fact that there were fewer residents participating in the work force in the month of May compared to April. The unemployment rate in Michigan is also down from 4.8 percent this time last year. Economic growth is a perpetuating factor of this consistent decrease.
Yet, despite the unemployment rate in Michigan being on par with the national jobless rate of 4.3 percent, there are still many people struggling with unemployment in the state. For those qualified individuals who need extra financial assistance, unemployment insurance benefits in Michigan may be a viable option.
