Updates About Economy

The state’s next Consensus Revenue Estimating Conference (CREC) will take place on Friday, May 16, 2025, at 9 a.m. in the Capitol Building’s House Appropriations Committee Room.

At the conference, state fiscal agents and economists will present updated forecasts for the federal and Michigan economies, along with revised revenue projections for the remainder of Fiscal Year 2025 and the upcoming ’26 and ‘27 fiscal years. The official revenue estimates, which guide the state’s budget process, will be agreed upon by the State Treasurer or State Budget Director, the Director of the Senate Fiscal Agency, and the Director of the House Fiscal Agency.

The CREC will be available to watch live here on the day of the event.

Michigan’s seasonally adjusted unemployment rate inched up to 5.4% this February, a 0.1 percentage point increase from January, according to the Department of Technology, Management, and Budget (DTMB). While total employment grew by 2,000 jobs, the number of unemployed individuals rose by 6,000, contributing to the uptick. The state’s labor force and payroll jobs have expanded in early 2025, with manufacturing adding 7,000 jobs after months of decline. However, private education, health services, and leisure and hospitality sectors each saw job losses of around 3,000. Michigan’s unemployment rate remains above the national average of 4.1%.

Governor Whitmer has signed two bipartisan bills aimed at supporting Michigan’s workforce by expanding paid sick leave and increasing our state’s minimum wage. Senate Bill 8 gradually raises the minimum wage to $15 an hour by 2027, giving small businesses time to adjust to the pay increase for over 730,000 Michigan employees. Following 2027, the minimum wage will continue to rise based on inflation. It also increases the tipped wage credit over time to align more closely with wages in our neighboring states.

The second bipartisan bill—House Bill 4002— expands paid sick leave policies, allowing employees to use earned time off for medical appointments, illness, or caregiving without being required to find their own replacement. Both bills were crafted through bipartisan collaboration to balance worker protections with business sustainability, reinforcing Michigan’s commitment to a strong and competitive workforce.

Related Article: SENATE PASSES TIPPED MINIMUM WAGE BILL WITH CAUCUS RESISTANCE