The Buckeye Institute: Ohio’s Job Market Hits the Summer DoldrumsJul 22, 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 June jobs report shows that the state’s recovery has slowed since the start of the year. The unemployment rate remained at 3.9 percent—slightly higher than the national average—and the labor force participation rate also remained unchanged at 62 percent.
“Although the unemployment rate remained steady, Ohio lost 5,400 private-sector jobs compared to May. More than half of those lost jobs came from the manufacturing sector as higher prices and concerns about future sales impacted the industry. June’s report is the second consecutive month of poor job growth, another troubling sign for the Buckeye State’s economic recovery.
“Ohio’s monthly report shows that the state is following a national trend as concerns about inflation have boosted fears of a recession. Small business owners are pessimistic about the future due to labor shortages and price increases. These are significant headwinds for Ohio’s businesses and workers. To prepare for an economic slowdown, state policymakers should make it easier for businesses to find and hire the workers they need and protect taxpayers by rebuilding the unemployment compensation fund.”
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