Michigan unemployment rate at lowest point since June 2001

The state says Michigan’s monthly unemployment rate has fallen to its lowest point in nearly 15 years.

The Michigan Department of Technology, Management & Budget said Wednesday the seasonally adjusted jobless rate for January was 4.9 percent. That’s down two-tenths of a percentage point from December and 1.1 percentage points below the January 2015 rate.

The state’s January unemployment rate matched the nation’s for the same period.

Officials say Michigan’s rate hasn’t been 4.9 percent since June 2001, but the labor force and employment levels have dropped by more than 300,000 since then.

Gov. Rick Snyder says the 15-year low is something residents “should be proud of.” Still, he adds, more work is needed to “create more high-skilled talent for in-demand jobs” and make other social and educational improvements.  (AP)