The Buckeye Institute: Ohio is Witnessing a Strong Job Growth YearJul 20, 2018
Columbus, OH – 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.
“Halfway through 2018, Ohio is on track for a year marked with solid job growth and a strengthening labor market. While Ohio’s unemployment rate rose slightly in June to 4.5 percent from 4.3 percent in May, this was primarily due to more Ohioans returning to the labor force to search for work as can be seen in the increased labor force participation rate which grew to 62.9 percent. This growth has been fostered by the federal tax reform and Governor John Kasich’s tax policies, which have created an economic environment conducive to job creation. However, current federal trade policies could hinder this growth in the months to come.
“About 9,100 Ohioans found jobs in June in the non-farm private sector, with significant growth in the leisure and hospitality sector (10,400 jobs) due to the summer vacation months. However, some Ohio industries suffered job losses due to the tariffs imposed by the Trump Administration combined with the retaliatory tariffs imposed by Mexico, Canada, the European Union, and China. Although the manufacturing sector saw a slight increase of 1,900 jobs, the retail trade sector lost 1,800 jobs and the construction sector lost 2,600 jobs. Ohio is not immune to the negative economic effects of the protectionist trade policies, and, if these tariffs remain in place, the daily cost of living for Ohioans and the cost of production for Ohio businesses will increase, making it more difficult for job creation to continue.
“Ohio is witnessing a strong job growth year, yet, the anti-free trade policies being adopted will hurt Ohio’s job market and economic growth. Ohio lawmakers need to pushback against these destructive taxes to ensure Ohioans can keep their jobs and job seekers can continue to find jobs.”
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