United States Congress Joint Economic Committee

Michigan

July 2024

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June Employment Update
Labor Market (BLS/Haver)
Most Recent Prior Month 12 Mo. Prior
Michigan Unemployment (U-3) 4.3% 4.3% 4.2%
U.S. Official Rate (U-3) 3.7% 3.7% 3.4%
U.S. "Real" Rate (U-6) 7.0% 7.1% 6.7%
Michigan Labor Force Participation Rate 59.8% 59.8% 59.8%
U.S. Labor Force Participation Rate 62.6% 62.5% 62.6%
Prices (BLS/Haver, AAA)
Most Recent Prior Month 12 Mo. Prior
CPI-U Inflation 3.4% 3.1% 6.5%
"Core" CPI Inflation 3.9% 4.0% 5.7%
National Gas/gal. Updated 7/27/24 12:00 AM $3.51 $3.50 $3.71
Michigan Gas/gal. $3.79 $3.71 $3.66
Midwest Region: Loaf of Bread $1.97 $1.91 $1.87
Midwest Region: Milk/gal. $2.57 $2.62 $2.17
Economic Growth (BEA, WSJ/Haver)
U.S. Real GDP
Q2/2024 (Advance Estimate)
2.8%
MI Real GDP
Q1/2024
1.8%
S&P 500 (YTD)
0.29% Updated 1/16/24 5:00 AM
Minimum Wage (DOL/WHD)
National Hourly Rate
$7.25
MI Hourly Rate
$9.87
Last Generated: 7/27/24 5:15 AM