“Ohio is the heart of opportunity, and today, we are making history,” Ohio Gov. Mike DeWine said in a statement. “We have yet another record low unemployment rate in July at 3.3%, below the national rate of 3.5%. Our formula in Ohio is working, and today’s jobs news is proof of that.”
The state Friday reported that Ohio’s unemployment rate was 3.3% in July, down from 3.4% in June. The July number is the state’s lowest since 1976. The number of unemployed people statewide has decreased by 34,000 in the past year from 228,000.
“You could easily make the argument that Ohio’s labor market is the strongest in decades,” said Nationwide Senior Economist Ben Ayers.
Nevertheless, there are challenges. Employers continually say they need qualified employees.
Anthony Mathews, market manager for the Dayton-area Manpower employment franchise, said there are plenty of local job openings.
These days, companies are placing a greater emphasis on finding workers that have a strong work history, Mathews said. In addition, wages are up from a year ago, which means workers are more likely to stay at a job versus job hopping, he added.
“Overall the job market is strong in Dayton,” Mathews said.
Ohio has about twice as many job openings as unemployed people, according to a recent Dayton Daily News analysis, a good thing for those looking for work or a new job.
“Ohio’s job market is robust, particularly for job-seekers,” Bill Teets, director of communications with the Ohio Department of Job and Family Services, said this summer. “Unemployment claims remain low and the number of job openings remain high.”
Ohio had 389,000 job openings in April, an increase of 29,000 from March, according to state data.
The ratio of unemployed people to job openings in the state was 0.5, which was only the fifth time that’s happened since late 2000 — as far back as the bureau’s data goes.
The state’s GDP has grown steadily the last two years to over $800 billion in 2022, according to data from Scioto Analysis.
The Buckeye Institute, a conservative think tank, hailed Friday’s data as a confirmation of policies it favors — lowering of taxes and easing of regulations.
“These policies are helping small businesses prosper and will continue strengthening 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.
It’s a “incredible number,” even with the usual revision and benchmark cautions that accompany monthly state data, said Hannah Halbert, executive director of the more liberal think tank, Policy Matters Ohio.
However, the quality of available jobs and wages need to be considered, as well, she said. Three of the four most common jobs in the Dayton region tend to pay lower wages, which means workers may qualify for government aid to put food on the table and pay their bills, according to a recent analysis by Policy Matters Ohio.
“Time for the state to start focusing on making the jobs good jobs, providing greater supports to people with barriers to participate in the labor force, and making sure all of Ohio is included,” Halbert said Friday.
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