Michigan Jobless Rate Lowest Since November 2002

Michigan’s seasonally adjusted unemployment rate in December dropped to 6.3 percent, the lowest jobless worker rate since November 2002.

The unemployment rate dropped over the month of December by four-tenths of a percentage point, according to data released by the Michigan Department of Technology, Management & Budget.

The state unemployment rate dropped 10 out of 12 months during 2014.

“The continuing drop in Michigan’s unemployment rate is both an affirmation and a call to action. Finishing the year with the lowest unemployment rate in more than 12 years shows we are on the right path as our economy is growing stronger with an environment that is creating more and better jobs,” said Gov. Rick Snyder.

Total employment rose in December by 21,000. From December 2013 to December 2014, the number of unemployed in the state fell by 89,000 or 23 percent. This drop outpaced the nationwide reduction of 16.3 percent over the same period.

In other economic development news, the Michigan Economic Development Corporation executive committee on Tuesday appointed MEDC Executive Vice President Chief Operating Officer Steve Arwood as MEDC CEO. Following his appointment, Snyder named Arwood President and Chairman of the Michigan Strategic Fund.

“Steve Arwood, in leadership positions in my administration, has demonstrated a real feel for what it takes to grow our economy and his appointment to chair MSF is important to our continuing reinvention of Michigan,” Snyder said. “We are committed to bringing our state workforce capabilities to new levels of excellence. Steve’s service will be vital to our success.”

To learn more about Snyder’s plans for continuing to move Michigan forward, visit here.