The Buckeye Institute: Ohio’s Labor Market Roared Back to Life in October
Nov 20, 2020Columbus, OH – Rea S. Hederman Jr., executive director of the Economic Research Center at The Buckeye Institute and vice president of policy, commented on newly released employment data from the Ohio Department of Job and Family Services.
“Ohio’s labor market roared back to life in October with the unemployment rate falling nearly three points to 5.6 percent and the labor force participation rate jumping more than a point to 62.7 percent—which exceeds the national participation rate of 61.7 percent.
“While this is an extremely strong jobs report, it is only one month’s data and it is too soon to know if the labor market is on its way to a full recovery. Weekly unemployment claims have spiked as the pandemic worsens and the recently announced curfew could further impact jobs in Ohio. Despite these concerns, the good news is that the September report now looks more like an aberration and Ohio’s unemployment rate is the lowest it has been since the pandemic started.
“Ohio created 33,600 private-sector jobs in October with the manufacturing sector and the trade, transportation, and utilities sector seeing the biggest gains with 8,100 and 5,700 jobs respectively. The leisure and hospitality sector saw 6,100 jobs gained but is still down 123,800 jobs compared to 2019.
“Even with this positive jobs report, Ohio’s economy is still struggling. Too many Ohioans have lost their jobs and too many businesses have permanently closed due to the pandemic. As policymakers close out this legislative session they should look to implement policies that will help businesses stay open and keep Ohioans working. And as they head into 2021, policymakers need to craft a state budget that avoids overspending and raising taxes, and instead promotes pro-growth tax reform and relies on sound economic principles to put Ohio on a sustainable fiscal path.”
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