The Buckeye Institute: Mixed Jobs Report Shows Why Ohio Needs a Sustainable BudgetMar 22, 2019
Columbus, Ohio – Andrew J. Kidd, Ph.D., an economist with The Buckeye Institute’s Economic Research Center, commented on newly released employment data from the Ohio Department of Job and Family Services.
“Following a weaker than expected national jobs report, Ohio’s labor market saw a loss of 7,900 private sector jobs in February. Despite this, the state’s unemployment rate fell to 4.6 percent, and the labor force participation rate grew from 62.4 percent to 62.6 percent. While Ohio continues to lag behind the nation’s unemployment rate, the fact that more people are entering the workforce in Ohio and finding jobs is good news.
“Driving this month’s job loss was a decline in the construction industry (-3,800); the trade, transportation, and utilities sector (-1,900); and manufacturing (-1,100). While there were gains in the professional, scientific, and technical services sector (+800); the financial and insurance service sector (+700); and the educational services sector (+700), they were not enough to overcome the job losses in other sectors.
“As Ohio’s policymakers begin their deliberations over the state’s budget, they would be wise to watch the conflicting trends in Ohio’s job numbers and avoid spending increases that could lead to deep and painful cuts if economic conditions take a negative turn. Tying state spending to inflation and population growth, and returning budget surpluses to taxpayers will keep Ohio on a sustainable path to prosperity.”
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