For the second consecutive month, Michigan’s unemployment rate remained at 3.6% in July. This is the lowest unemployment rate in 23 years. In fact, since the 1970s, the unemployment rate has fallen below 4% during only three periods: periodically from 1998-2000, from November 2019 to March 2020, and now, from April 2023 to the present. The labor force rose by 23,000 over the month and 96,000 over the year, and the labor participation rate climbed to 61% in the month of July.
