"In 2015, 4.5 million Michigan residents had a job -- about a quarter-million less than the number in 2005, according to the federal Bureau of Labor Statistics.
Yet the state's unemployment rate was 5.4 percent in 2015 compared to a rate of 6.8 in 2005.
What's up with that?
Credit changes in the labor force participation rate -- i.e., the percentage of Michigan residents age 16 and older who are the labor pool, defined as people who are either working or seeking work.
Even as Michigan's employment rate is coming down -- hitting a 15-year low at 4.5 percent this past July -- the state's labor force participation rate has been largely stagnant since 2010."
No comments:
Post a Comment