The Buckeye Institute: Worrying Signs for Ohio’s EconomyOct 19, 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.
“With slower job growth and a stagnant unemployment rate, Ohio’s labor market still seems to be falling behind the nation in September. For three consecutive months, Ohio’s unemployment rate has been at 4.6 percent, while the national unemployment rate now sits at 3.7 percent, which is not where Ohioans want their state to be. Another month of falling labor force participation means Ohioans are leaving the labor market—either to move to another state or they are unable to find a job that fits their skills.
“In September, 6,500 Ohioans were able to find jobs in the private sector, with manufacturing making up a significant portion of those jobs (3,400). This is a good sign for an industry which had, until this month, seen negative job growth overall this year. Yet with only small gains and some losses in the rest of the labor market, Ohioans are struggling to find jobs. Ohio has been averaging more than 8,000 new jobs per month since September of last year, so this month’s report is a noticeable sign of a slowdown.
“With some resolution to the trade wars among Canada, Mexico, and the United States, some stability may return to the labor market, however, with increased tensions with China, Ohioans will be looking to whoever is elected in November to help the state get back on the right track.”
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