GRAND RAPIDS, Mich. (WOOD) — The economic outlook in West Michigan and abroad continues to improve.
The latest data from the U.S. Department of Labor and Michigan’s Department of Technology, Management & Budget both show drops in unemployment.
The Department of Labor reported just 576,000 new unemployment claims in their weekly release. That’s the lowest number we have seen since the start of the pandemic, and down from 769,000 new claims made the week before. Our national unemployment rate is down to 6%, after peaking at 14.8% in April 2020.
The statistics are even more pronounced in Michigan.