I hope this message finds you well as we move into the sixth month of 2025. Below is this month’s Labor Market Review, highlighting key workforce and economic trends across the U.S., Indiana, and Michigan.  

Please note: State-level data (Indiana and Michigan) is reported on a two-month delay and reflects April 2025 activity, while national data reflects the most current information available as of May 2025. Attached please find additional LMR for our regions. 

Indiana 

Unemployment 

• April rate: 3.0% (↓ 0.4 pts from March | ↓ 0.6 pts from April 2024)  

Job Growth 

• +500 jobs from March to April (+0.4%) 

• +300 jobs year-over-year (+0.2%) 

• Industries with April growth: 

• Construction: +4.7% 

• Professional & Business Services: +1.0% 

• Leisure & Hospitality: +2.9% 

Industries with decline: 

• Manufacturing Transportation Equipment: -2.1% 

• Retail Trade: -1.0%  

Michigan 

Unemployment 

• April rate: 5.5% (unchanged from March | ↑ 1.1 pts from April 2024) 

• Regional jobless rates declined in all 18 MI labor market areas during April 

• All 83 counties saw jobless rate increases compared to last year 

Job Growth 

• +11,100 jobs in April 

• Private sector added 9,700 jobs in April; +28,600 over 12 months 

Industries with most April growth: 

• Construction: +10,000 

• Professional & Business Services: +8,000 

• Private Education & Health Services: +7,000 

• Total employment declined by 2,770 in April 

U.S. Labor Market – May 2025 

Unemployment 

• Held steady at 4.2% 

• Approximately 7.1 million Americans remain unemployed 

Job Growth 

• +178,000 nonfarm payroll jobs added in May 

• Growth by sector: 

• Healthcare: +53,000 

• Construction: +29,000 

• Retail Trade: +15,000 

• Professional Services: +13,000 

• Manufacturing employment was flat 

Interest Rates & Federal Reserve Activity 

• On June 4, 2025, the Fed held the federal funds target rate at 4.25%–4.50%, citing persistent inflation concerns 

• Fed Chair emphasized a “wait and see” approach amid mixed economic signals 

Inflation 

• Consumer Price Index (CPI) rose 2.6% year-over-year as of April 

• Energy prices rebounded slightly after several months of decline 

• Core inflation remains elevated, driven by housing and services 

Trade & Economic Outlook 

• Tariff tensions persist, with no movement toward easing trade restrictions 

• Business leaders are voicing increased concern about supply chain disruptions and rising input costs 

Market Volatility 

• Stock markets fluctuated throughout May due to interest rate uncertainty and slowing global growth projections 

National Economic References for Further Reading 

• Employment Situation Summary – 2025 M05 Results – View

• US labor market losing momentum; May producer inflation comes in tame | Reuters – View 

• Fed seen on track to resume rate cuts after inflation, job market data | Reuters – View 

• The Case for Rate Cuts Is Growing – WSJ – View 

If you’d like to discuss how these trends may influence your workforce planning or business outlook, I’d be happy to connect. 

Jacqueline Barton 
President | Specialized Staffing Solutions