Columbus, OH – Rea S. Hederman Jr., executive director of the Economic Research Center and vice president of policy at The Buckeye Institute, commented on the newly released jobs report from the Ohio Department of Job and Family Services.

“In February, Ohio’s unemployment rate remained steady at 3.7 percent—below the national average of 3.9 percent. The labor force participation rate also held steady at 61.8 percent—slightly below the national average of 62.5 percent. Although early, the first two months of 2024 indicate that Ohio’s job market is in neutral compared to a slightly cooling national market. 

“Ohio added 3,500 private-sector jobs in February. However, we must compare these gains to the revisions in the January jobs report, which initially indicated that Ohio added 6,400 private-sector jobs but now shows that Ohio added only 1,200 private-sector jobs. Although not unusual for this time of year, this revision reveals that job growth in the early months of 20204 is slower than initially thought.

“Although unemployment is low, 2024 has gotten off to a tepid start. Ohio policymakers must redouble their efforts to implement policies that encourage entrepreneurs to open and expand businesses, which will create more jobs and bring more workers to Ohio. Regulatory reform and eliminating cumbersome, redundant rules that discourage innovation should be at the top of the list for lawmakers.”

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