How’s your job going, Michigan? The answer probably depends on the industry you’re in. Overall, it’s a tough job market in Michigan right now, but there are some bright spots to be grateful for. Let’s take a look at some recent jobs numbers and see what’s up!
Here are Five Fast Facts about jobs in Michigan:
- 🔍 The Sitch - The March jobs report shows an overall loss of 11,570 jobs. That brings the year’s total to 17,499. It’s the fourth worst in the nation. wah-wah-wah-waaaaaah…
- 💰 If You Fund It…They Might Come - In some cases, like in construction, there is plenty of funding to complete projects…just not enough qualified workers to do the work! On the upside, this provides great job security for those already in construction!
- 👍 The Good - This year’s national losses are mainly in the tech and financial sectors, probably in response to the Fed’s interest rate hikes to combat inflation. But Michigan’s tech sector is actually growing, and projected to add 4,500 new jobs in 2023! Go Geek Squad!
- 👎 The Bad - At this time in 2022, the total job losses were only 479, so this year is obviously a huge increase. Feels like 2023 said, “Hold my beer…”
- 😱 The Ugly - Some industries are struggling much worse than others. A new study shows almost 40% of nurses in the state are planning to leave their jobs in the next year, and the younger those nurses are, the more likely they are to leave. Better not get sick!
🔥Bottom line: While it’s terrible that jobs are being lost, there is a silver lining. Having severe shortages means there’s opportunity for people to change careers and get plugged right in. It also means Paychecks are likely to be higher to retain good people, and that’s definitely something we love.
Are you seeing job shortages in your workplace?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
BTW, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
