State of the Labor Market

WIN Region Q3 2022 ANNUAL STATE OF THE LABOR MARKET

WIN Region

During the third quarter of 2022, the labor force and employment figures and unemployment figures all slightly decreased from Q2 2022 in southeast Michigan. The number of unemployed workers decreased by 17.8 percent, with the size of the labor force increasing by .04 percent and the number of employed individuals decreasing by 1.4 percent. These trends demonstrate decreased hiring rates as the economic recovery levels off from the COVID-19 pandemic.

Overall employer demand for the occupation groups analyzed by WIN has decreased during Q3 2022. Only Education and Skilled Trades experienced marginal growth while all other occupation groups saw moderate decline.

Annual Labor Market Information

The labor force in southeast Michigan continues to rise in 2022, adding 92,705 individuals from 2021, or 3.1 percent. Employment tracked proportionately to the labor force, reporting an increase of 3.5 percent, or 97,764 more workers, in the third quarter of 2022. The unemployment rate remained stable during the same period for a rate of 4.5 percent.

Annual Labor Force, Employment, Unemployment Rate

2012–2022

Data: BLS | Analysis: Workforce Intelligence Network

Quarterly Employer Demand Overview

Job Posting data from the third quarter of 2022 showed a decrease in demand levels in Southeast Michigan, down by 20,092 postings or 7.6 percent since Q2 2022. Over the past year, postings have increased by 1,422 over Q3 2021, an increase of 0.6 percent. However, employer demand within the quarter showed a steady decline month over month.

Average Quarterly Posting Analysis WIN Region

Q2 2021 - Q3 2022