The unemployment situation in Michigan is improving, with last week’s claims 1.00% lower than in the previous week and 2.12% lower than last year, according to WalletHub’s updated rankings for the States Where Unemployment Claims Are Increasing the Most.
Unemployment Situation in Michigan (1=Worst; 25=Avg.):
- Overall Rank for Michigan: 6th
- 16th – Unemployment Claims Increase vs. Previous Week
- 3rd – Unemployment Claims Increase vs. Same Week Last Year
- 3rd – Cumulative Unemployment Claims in 2024 vs. Same Period Last Year
- 13th – Unemployment Claims per 100,000 People in Labor Force
To view the full report and your state’s rank, please visit:
https://wallethub.com/edu/states-unemployment-claims/72730
Key takeaways and WalletHub commentary are included below in text and video format. Feel free to use the provided content as is or edit the raw files as you see fit.
Expert Commentary
Do you think the hiring dynamic is currently tilted in the employees’ favor?
“With the current trends in employment, I believe that employees have the benefit. The current shift in the employment trend has put organizations with more open positions than employees, giving the employees a choice in the manner. Employees are moving within the market to select a position that meets their expectations and needs. Organizations that do not provide adequate benefits, paid time off, hours worked, or flexibility are losing their employees to organizations willing to meet these needs. Since the trend shows more open positions, employees can move through positions. Many have been labeled ‘job hoppers’, moving through positions until they find their preferred fit. This has forced the hiring dynamic to be in the employee’s favor, allowing employees to negotiate and wager for their beliefs. If the employee receives an unsatisfied offer, they still have the security to deny and walk away.”
Dylan Polkinghorne – Assistant Teaching Professor, University of Wisconsin - Green Bay
“The macro-economic employment arena is extremely difficult to predict. I think who wins the Presidential election will clearly have some impact on this dynamic.”
Leonard Bierman – Professor, Texas A&M University
Given the current circumstances, what trends do you expect to see in terms of unemployment in the foreseeable future?
“I believe that there will be a shift in unemployment. After the pandemic, there has been a shift in the demands consumers are searching for. In turn, this is providing more positions for organizations. Initially, post-pandemic organizations were consolidating positions they felt were no longer needed, leading to increased unemployment. With the supply/demand shift for consumers reaching normal, organizations are now left with providing more employee positions. This will allow organizations to meet the needs of potential new employees and be competitive in their selection process.”
Dylan Polkinghorne – Assistant Teaching Professor, University of Wisconsin - Green Bay
With inflation still higher than average, what is your advice for people looking to protect their finances?
“People should buy U.S. Savings Bonds, I Bonds. They currently yield 4.28% and include a 'permanent' yield of 1.3% plus any future inflation. There are some limits on the amounts you can purchase, I think 10K a year directly, and then some from IRS tax refunds – but it's a nice place to start for many people.”
Leonard Bierman – Professor, Texas A&M University
