Robert Alt President and Chief Executive Officer | The Buckeye Institute, OH
Robert Alt President and Chief Executive Officer | The Buckeye Institute, OH
Rea S. Hederman Jr., executive director of the Economic Research Center and vice president of policy at The Buckeye Institute, provided insights on the latest jobs report from the Ohio Department of Job and Family Services. According to Hederman, "Ohio’s unemployment rate held steady in September at 4.5 percent, and at the same time, the labor force participation rate ticked up to 62.4 percent, indicating that more people are looking for work." This is in contrast with national figures where "the national unemployment rate declined to 4.1 percent, and the national labor force participation rate" was reported at 62.7 percent.
The report also highlighted a positive development with "9,500 new private-sector jobs erasing August’s job loss." Despite this growth throughout 2024, Hederman noted that "growth remains slow," impacted by some months showing declines which have affected the overall trend.
Hederman urged caution among policymakers due to Ohio's less favorable fiscal outlook compared to two years ago. He emphasized that "slower economic growth" is impacting tax surpluses, necessitating preparation for a tighter biennial budget. Lawmakers were advised to focus on policies that protect taxpayers while attracting employers to foster economic growth in Ohio.
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