The Buckeye Institute: Protectionist Trade Policies are Putting Ohio’s Economic Gains at RiskAug 17, 2018
Columbus, OH – Andrew J. Kidd, Ph.D., an economist with The Buckeye Institute’s Economic Research Center, commented on newly released employment data from the Ohio Department of Job and Family Services.
“July’s job numbers show moderate job growth for Ohio, but the outlook is foggy for the end of the year. With Ohio’s unemployment rate rising slightly to 4.6 percent and a sustained labor force participation rate (62.9 percent), Ohio has reversed its trend of positive job growth, and the insecurity caused by the current federal trade policies is starting to seep into the state’s job market.
“July did bring with it approximately 8,800 new non-farm private sector jobs. A large portion of this increase was seen in manufacturing (4,700 jobs)—the protected industry under the new federal tariffs. Yet, this is the second month in a row where some industries were hurt by the new trade policies, with transportation losing 1,200 jobs and the service industry having one of its lowest growth months this year. These loses re-enforce concerns that the protectionist trade policies create unfair advantages for some industries while hurting others, even within manufacturing.
“Farmers are also feeling the economic pain of the tariffs, and with no clear end in sight to the trade war, Ohio is left in a precarious position. Without a resolution and an end to these protectionist trade policies, the economic gains Ohio has seen will be at risk.”
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