December 20, 2013

November: Another Weak Month in Ohio’s Job Market

Filed under: Economy,Ohio Economy,Ohio Politics,Taxes & Government — Tom @ 11:19 am

The key stats from today’s regional and state report from the Bureau of Labor Statistics:

  • Ohio’s November seasonally adjusted unemployment rate dropped to 7.4% from 7.5% in October, moving from 0.2 points above October’s national average of 7.3% to 0.4 points above November’s 7.0%. 12 months ago, Ohio’s unemployment rate was 6.8%. Only Louisiana has seen its unemployment rate go up by an much as Ohio in the past 12 months — and the Bayou State’s current rate is a much more tolerable 6.3%.
  • Seasonally adjusted payroll employment per the Establishment Survey fell by 12,000, and is up by only 19,800 in the past 12 months.
  • Seasonally adjusted employment per the Household Survey increased by only 7,000 in November, and is roughly 31,400 lower than it was in November 2012 (not seasonally adjusted, it’s just under 17,000 lower).

Several states have notably outperformed Ohio in the past year or so:

  • Florida’s unemployment rate was much higher than Ohio’s for quite some time. 12 months ago, the Sunshine State was at 8.0%. Now, at 6.4%, it’s a full point lower than Ohio.
  • Indiana’s unemployment rate, which was also much higher than Ohio’s during most of the past several years, is now a tick lower, at 7.3%. (Right to work, anyone?)
  • North Carolina, which was a complete basket case under a Democratic governor before this year (Nov. 2012 uenmployment rate: 9.4%), now has the same unemployment rate as the Buckeye State.
  • Even Nikki Haley’s South Carolina, which struggled mightily during the first 2-3 post-recession years, has gone from 8.6% to 7.1% in the past year.
  • On top of that, Chris Christie’s New Jersey (from 9.6% to 7.8% in the past 12 months) is closing in.

If there’s a meaningful silver lining in any of this, except Metro Columbus, as usual (not seasonally adjusted unemployment rate: 6.1%), I couldn’t find it.

The Buckeye State economy is stagnating. Is anyone in Columbus paying attention?

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