Michigan unemployment rate lowest since 2008

LANSING — Michigan’s unemployment rate is the lowest rate the state has seen since a three-month period in 2008.

October’s seasonally adjusted unemployment rate is 7.1%.  That is a decrease of one and a half percentage points below October 2013’s rate.

Michigan’s unemployment rate has declined for the third straight month, and it’s the lowest the state has seen all year.  October’s jobless rate closely matches pre-recession rates, but employment in the state is far below pre-recession levels.

Governor Rick Snyder released a statement Wednesday regarding the drop in unemployment:

“There is optimism and opportunity in Michigan as our state’s economy continues to move forward. More people are working and our labor force is growing as companies create more and better jobs. Our reinvention is helping working families and we are seeing results.

“But while we can recognize this accomplishment, there is more to do to fulfill our goal of the brightest possible future. We need to continue creating an environment for success, and that includes building a workforce with in-demand skills – and making sure a pathway to those skills is available for Michigan students and adults.”