The Buckeye Institute: Ohio’s April Jobs Report Shows Continued Growth, National Signs Point to SlowdownMay 20, 2022
Columbus, OH – Rea S. Hederman Jr., executive director of the Economic Research Center at The Buckeye Institute and vice president of policy, commented on the newly released jobs report from the Ohio Department of Job and Family Services.
“Ohio’s strong job growth continued in April with unemployment falling to 4.0 percent from 4.1 percent—slightly higher than the national average of 3.6 percent—while the labor force participation rate improved to 61.8 percent from 61.7 percent—still lower than the national average of 62.2 percent.
“Ohio employers added 9,100 private-sector jobs in April, slightly less than the state’s job growth in March. In the first four months of 2022, the labor market has added more than 50,000 jobs, reducing the jobs deficit to almost 90,000 when compared to February 2020. If Ohio maintains this pace of job growth, it will erase the pandemic jobs deficit this year. However, national signs, including a lackluster April jobs report and growing inflation, raise serious concerns as to whether Ohio will be able to maintain this pace of growth.
“Ohio’s job market grew faster than the national average in April, but economists are warning that these good times may not last as inflation—which is the highest the country has seen since the 1980s—takes a toll on economic performance. Ohio policymakers should take prudent steps now to ensure the state can weather a downturn in the job market. By using a portion of American Rescue Plan Act (ARPA) funds to replenish the unemployment compensation trust fund, as The Buckeye Institute has recommended, lawmakers will better protect Ohioans from a softening economy and they will avoid the costly interest payments that come with federal loans.”
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