Ohio’s Unemployment Rate Continues Drop, Sits at 4.7%

COLUMBUS, Ohio – The state’s jobless rate continues to improve, falling to 4.7% in March.

That number, reported by the Ohio Department of Job and Family Services on Friday, is down from 5% in February and the 4.9% rate reported in March 2020.

According to the Ohio Department of Job and Family Services, the number of workers unemployed in March was 272,000, down from 288,000 in February and 287,000 in March 2020. 

Ohio’s unemployment rate is outpacing the nation as a whole. The U.S. jobless rate for March was 6%, down from 6.2% in February, and up from 4.4% in March 2020.

Nonagricultural wage and salary employment in Ohio increased by 12,700 during March to 5,314,900, according to the U.S. Department of Labor.

Employment in goods-producing industries stood at 894,000 in March, an increase of 5,200 with gains in construction (+2,900), manufacturing (+2,200), and mining and logging (+100).

The private service-providing sector was at 3,675,900, an increase of 6,400, as gains in educational and health services (+3,000), professional and business services (+2,200), trade, transportation and utilities (+1,500), financial activities (+900), and information (+200) exceeded losses in leisure and hospitality (-1,100) and other services (-900).

Government employment, at 744,100, increased by 1,100 as gains in local (+1,400) and federal (+100) government surpassed losses in state government (-400).

Year-over-year, nonagricultural employment in March decreased 243,200. 

Employment in goods-producing industries decreased 37,300. Manufacturing lost 33,000 jobs in durable goods (-30,700) and nondurable goods (-2,300). 

Construction lost 3,000 jobs and mining and logging employment decreased 1,300. 

Employment in the private service-providing sector decreased 162,000 as losses in leisure and hospitality (-68,900), educational and health services (-46,200), professional and business services (-26,900), other services (-15,900), information (-5,000), and trade, transportation, and utilities (-500) outpaced gains in financial activities (+1,400).

Government employment decreased 43,900 with losses in local (-27,900), state (-15,100), and federal (-900) government.

Copyright 2024 The Business Journal, Youngstown, Ohio.