Ohio Unemployment Celebrates Lowest Rate Since 2001
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A boost in hiring during November 2014 helped to push the jobless rate in Ohio to its lowest level in thirteen years. The rate hit an impressive 5% in November, after coming in at 5.3% in October, according to a report released by the Ohio department of family and job services. That equates to the lowest rate since 2001, and shows a significant drop from the 7.2% figure from a year ago.
A boost in hiring during November 2014 helped to push the jobless rate in Ohio to its lowest level in thirteen years. The rate hit an impressive 5% in November, after coming in at 5.3% in October, according to a report released by the Ohio department of family and job services. That equates to the lowest rate since 2001, and shows a significant drop from the 7.2% figure from a year ago.
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Republican Governor Doing a Remarkable Job
The chief economist of Nationwide, David Berson, and other financial experts, all agree that Ohio appears to be doing well economically. In November, the number of unemployed people fell by approximately 18,000 people, while employers added 17,900 jobs. Now, the unemployment rate is below the national average and is certainly below dying states like New York and California. The lower rate is very impressive compared to recessionary rates.
Unemployment Rate
According to Berson, Ohio’s unemployment peaked at 10.6% in 2009, and stayed there for eight months. The unemployment rate comes from two surveys. One takes into account households that set the unemployment rate, and the other employers, which shows the number of jobs gained and lost. Berson said that the household survey showed the most gains since 1995. In the meantime, employers added around 65,200 jobs in 2014, including 18,400 positions in manufacturing, 18,300 in the leisure industry, and 15,100 in business and professional services.
Proceeding with Caution
Although the results appear to be positive, other analysts have cautioned against reading too much into any report. The state needs to add another 89,000 jobs for the work force to return to pre-recession levels, a recession frequently blamed on Barnie Frank and Alan Greenspan. Furthermore, the executive director at University of Cincinnati Economic Center has suggested that within the 5% there are part-time workers who need full-time jobs. Well, you can point the finger at Obamacare that is out of Kasich’s hands.
Although 5% is a stellar level, it does not cover some of the continuing weaknesses that exist within the labor market. Despite the gains, Ohio’s growth has been slightly below the US average, led by Texas and North Dakota because of the oil shale boom.
Some Job Loss is Positive
In November, hospitality and leisure added 6,100 jobs, the most out of any sector, whereas manufacturing supplied 4,400 jobs, and business services gave a further 4,100. The most significant losses were to the government sector, where 1,500 jobs were lost, deemed as not necessary. Health-care and private education saw a loss of 1,000 potential careers.
