Buckeye’s Rea Hederman: Ohio’s Employment Report was Naughty and NiceDec 22, 2017
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.
“In the last report of the year, the Ohio employment report was naughty and nice. The nice part was the unemployment rate falling three-tenths to 4.8 percent, a stable decline even as labor force participation grew. This indicates that the economy is growing fast enough to provide employment opportunities to willing workers.
“The naughty part is the payroll survey reported a decline of 3,300 private-sector jobs. The primary culprit was a sharp decline in retail trade (-6,400) as commerce continues to move online, which sparked an increase in transportation jobs (2,300).
“The numbers: The unemployment rate in Ohio fell to 4.8 percent from 5.1 percent. This is still greater than the national average of 4.1 percent. Ohioans are slightly more likely to be in the labor force (62.8 percent) than the national average (62.7 percent). The total number of job opportunities declined by 5,600 with 3,300 losses in the aviate sector. Manufacturing added jobs (2,500), while the service sector declined (5,600).”