The Buckeye Institute: Ohio Starts 2023 with Good Jobs Report

Mar 10, 2023

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.

“Ohio kicked off 2023 on a positive note, with the unemployment rate falling from 4.1 to 4.0 percent in January, while the labor force participation rate remained flat at 61.2 percent. The falling unemployment rate and steady labor force participation rate means that Ohioans in the job market are finding work. Although this is good news, it is concerning that Ohio still lags the nation, which had an unemployment rate of 3.4 percent in January and more people entering the job market.  

“The private sector added 12,600 jobs in January. However, most notable are the results of the annual revisions that statisticians undertake each year to ensure accuracy in the job numbers. The revisions show greater private-sector job growth in Ohio, with an additional 36,000 jobs added last year. This brings Ohio’s total job growth in 2022 to 130,000 new private-sector jobs. With these revisions, Ohio has only 14,000 fewer private-sector jobs than it did in February 2020.

“With solid monthly job growth in January and significant upward revisions to job growth in 2022, the jobs report is good news for Ohio. While policymakers should be pleased, they must focus on the fact that Ohio continues to lag the nation. To spur economic growth and protect taxpayers, Ohio lawmakers should prioritize prudent spending and income taxes cuts in the budget currently being considered in the General Assembly. The most effective economic growth policy is ensuring that Ohio’s families and businesses can keep more of their hard-earned money.”

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