The Michigan labor force contracted from 2014 to 2015 by a tenth of a percent. It remains at 4.7 million. Only two peer states and four “Top Ten” states saw declines.
What It Is: Change in the number of residents employed or looking for work.
Why It Matters: Labor force includes the entire pool of residents that are interested in working, showing less volatility than employment throughout the business cycle. A growing labor force shows a growing pool of workers for businesses.