Buckeye Reporter

Columbus, OH – Rea S. Hederman Jr., executive director of the Economic Research Center and vice president of policy at The Buckeye Institute, commented on the newly released jobs report from the Ohio Department of Job and Family Services.

“In June, Ohio’s unemployment rate increased to 4.4 percent from 4.2 percent, while the labor force participation rate increased to 62.1 percent from 61.9 percent. This indicates that some of the increase in unemployment is due to more Ohioans looking for work. Ohio continues to perform just below the national average, which saw the unemployment rate climb to 4.1 percent from 4.0 percent and the national labor force participation rate increase by a tenth to 62.6 percent.

“Ohio lost 12,300 private-sector jobs in June, and May’s report, which initially reported an addition of 22,900 jobs, was revised downwards to show only 14,900 new jobs. Taken together, Ohio added only 2,600 new private-sector jobs in May and June—a worrying decline in Ohio’s job market.

“Halfway through 2024, Ohio’s job market has cooled since the start of the year, adding only 11,000 private-sector jobs with unemployment climbing from 3.7 percent to 4.4 percent. While policymakers should be concerned about the rising unemployment rate and should adopt pro-growth policies to strengthen the job market, it is important to note that 4.4 percent is—historically speaking—a low unemployment rate for Ohio.”