Ohio Unemployment Dropping but Still Up from 2019

COLUMBUS, Ohio – Ohio’s unemployment rate continued to fall, ending October at 5.6%, according the Department of Job and Family Services, down from 8.3% in September.

Despite the drop, the unemployment rate is still higher than at this point a year ago, when it was 4.1%. Since the rate jumped to 17.6% in April because of the coronavirus pandemic, however, the rate has steadily fallen each month.

Nationally, the unemployment rate was 6.9% in October, down from 7.9% in September but up from 3.6% in October 2019.

Overall, the state’s nonagricultural employment increased 30,800 to 5,222,300 in October.

In goods-producing industries, employment rose 9,900 month-over-month, largely in manufacturing (8,100 jobs added), construction (1,500) and mining and logging (300).

In the private service sector, employment increase 23,700, driven by professional and business services (7,300) and leisure and hospitality (6,100). Also showing gains in the sector were trade, transportation and utilities (5,700), financial activities (3,000), education and health services (1,500) and “other services” (400). The only sector reporting a drop in employment was information, which fell 300.

Government employment fell 2,800, with the 2,600 jobs added in local and 100 jobs added at the state level failed to make up for the 5,500 jobs lost in federal government.

Despite the increases, employment is still down significantly year-over-year, with 353,600 jobs lost between October 2019 and October 2020.

The only sectors to post a year-over-year increase are nondurable goods manufacturing, which gained 3,600 jobs, and federal government, which has gained 1,500 jobs over the past year.

As expected, the leisure and hospitality sector has been the hardest hit, with 123,800 jobs lost, followed by trade, transportation and utilities (43,200 jobs lost), professional and business services (42,700 lost) and education and health services (33,200 lost).

Durable goods manufacturing has lost 29,900 jobs, followed by financial activities at 11,600 jobs lost, construction at 11,500 lost, “other services” at 4,600 lost and information at 3,300 lost.

Copyright 2024 The Business Journal, Youngstown, Ohio.