The Buckeye Institute: Ohio’s Unemployment Rate Falls to 50-Year LowMay 19, 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’s unemployment rate fell to 3.7 percent in April, the lowest recorded level in nearly 50 years. In a sign of growing confidence, Ohioans surged into the job market, with the labor force participation rate increasing from 61.5 percent to 61.8. While both rates remain below the national average, the April jobs report is extremely good news.
“Businesses also reported strong hiring, adding 18,400 private-sector jobs as Ohio continues to surpass pre-pandemic employment. Moreover, job gains were widespread, with both the manufacturing and service sectors adding jobs in April.
“To ensure these positive trends continue, policymakers should use the state’s record-high budget surplus and close tax loopholes to transition Ohio to a flat tax. By practicing prudent budgeting, cutting wasteful spending, and eliminating needless tax breaks, lawmakers can balance Ohio’s budget and create a more prosperous future for all Ohioans.”
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