Buckeye’s Rea Hederman: Ohio Rings In 2018 with Strong Economic NumbersJan 19, 2018
Columbus, OH – Rea S. Hederman Jr., executive director of the Economic Research Center at The Buckeye Institute and vice president of policy, commented on newly released unemployment data from the Ohio Department of Job and Family Services.
“Ohio’s labor market had a good year in 2017 and rang in the New Year with strong economic numbers. Every employment measure in 2017 ended in positive territory. Unemployment is down once again to 4.7 percent, down from 4.8 percent in November, and down from five percent at the end of 2016.
“The size of the Ohio labor market increased sharply with Ohioans accounting for more than one out of 10 new entrants into the national labor force. Although Ohio’s unemployment rate did not fall as fast as the national average, almost 90,000 Ohioans entered the labor force, with the national labor force growing by 850,000, meaning that Ohio accounted for more than 10 percent of people entering the national work force.”
The payroll survey indicates that Ohio created 43,200 private sector jobs in 2017. Over the last year, the leaders in job growth were leisure and hospitality (14,900), manufacturing (10,200), educational services (8,400), and financial activities such as finance and real estate (9,800). Retail trade (-17,000) saw significant job losses while the information service sector (-2,600) and business administrative, support and waste services (-3,200) also saw small declines.