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.
“Ohio’s unemployment rate remained unchanged in August at 4.5 percent, as did the labor force participation rate at 62.3 percent. Both were slightly below the national average of 4.2 percent unemployment and 62.7 percent labor force participation."
Hederman highlighted concerns over a loss of private-sector jobs: “More concerning in this month’s report is the loss of 3,500 private-sector jobs in Ohio compared to the national job market, which continues to add private-sector jobs, although at a much slower rate when compared to 2023 or early 2024."
He further noted that “Ohio’s labor market has cooled substantially during the summer months, with private-sector job growth virtually flat and below the national average." He advised that "Ohioans and Ohio policymakers should focus on policies that will increase job growth, such as tax reform to lower tax rates, and avoid policies that will force employers to cut jobs, such as increasing the minimum wage.”