Ohio unemployment rate continues to rise

(The Center Square) – Ohio’s unemployment rate continues to rise, and revised figures show jobs are leaving the state.

Statistics from the Ohio Department of Job and Family Services showed the state’s unemployment rate rose to 4.4% in June from 4.2% in May, while the labor force participation rate increased to 62.1% from 61.9% the same month.

The national unemployment rate is 4.1%.

The same figures show the state lost 12,300 private-sector jobs in June, and an initial May report showed a gain of 22,900 jobs was revised to 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,” said Rea S. Hederman Jr., executive director of the Economic Research Center and vice president of policy at The Buckeye Institute. “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% to 4.4%. 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% is – historically speaking – a low unemployment rate for Ohio.”

Other analysts haven’t moved to call the increase in unemployment a trend yet.

“Last month’s job loss is minor in comparison to a strong year of growth,” said Molly Bryden, a researcher with Policy Matters Ohio. “It would take a few more months of job loss to establish a new trend. Ohioans continue to return to the labor force, indicating an improving economic outlook.”

In May, service providers lost the most jobs with 14,600 fewer in the month. Private health care and social assistance employment rose slightly.

The manufacturing industry lost 1,300, while the public sector showed the most gains, with 10,000 jobs.