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 July, Ohio’s unemployment rate increased by .1 percent to 4.5 percent, with the labor force participation rate jumping to 62.3 percent, up from 62.1 percent, indicating that the increase in unemployment is due to more Ohioans looking for work but unable to find jobs. This compares to the national job market, which had a tough July. The national unemployment rate climbed from 4.1 to 4.3 percent, adding only 114,000 new jobs."
Hederman highlighted revisions to June’s report showing Ohio added 3,000 private-sector jobs rather than losing 12,000 as initially reported. "This positive revision to June’s report, in addition to the 3,400 new private-sector jobs added in July, reveals that Ohio’s summer is not as bad as initially feared."
“The best news in this month’s report is the strong upward revisions to June’s report, which shows that Ohio’s job market continues to grow slowly," Hederman said. "As students return to school, policymakers should focus on strengthening Ohio’s education system to create a skilled workforce that meets the needs of Ohio employers.”