A new analysis of Ohio’s job statistics by one of the state’s leading and unchallenged number crunchers shows August 2015 was the 34th consecutive month when Ohio’s job growth rate was below the USA national average. George Zeller, an economic research analyst based in Cleveland, said, “This below average job growth in Ohio now has reached 2 full years and 10 additional months.”
The good news for Ohio is that 14,500 jobs seasonally adjusted were gained in August 2015. The bad news is that Ohio’s job growth rate in August 2015 is now 1.12 percent compared to the USA job growth rate in the same month of 2.08 percent, a difference of about 46 percent.
“Ohio now unfortunately is now still 42,800 jobs short of recovering the jobs that it has lost since the March 2006 peak prior to the national ‘Great Recession,'” Zeller wrote in prepared remarks. Zeller added, “Further, Ohio is still 225,100 jobs short of Ohio’s peak employment prior to the 2000-2002 national recession in May 2000. So, despite the August 2015 Ohio employment growth, too many Ohio workers still cannot find a job because Ohio has recovered from neither the ‘Great Recession’ or the 2000s recession.”
A set back for Team Kasich is the downward adjust from last month’s July 2015 seasonally adjusted Ohio job figure by 2,600 jobs. “In a disappointing development, Ohio’s too slow job growth once again caused a decline in the Ohio labor force, with 18,000 fewer workers in the Ohio labor force in August 2015 than were in the labor force last month in July 2015,” Mr. Zeller said Friday.
Zeller says the decline “built on prior declines seen during prior recent months … This was the main cause of the decline of Ohio’s unemployment rate from 5.0% in July 2015 to 4.7% in August 2015. Thus, this month’s decline in Ohio unemployment is misleading, since the fall in the size of the labor force was the main cause of the ‘improved’ unemployment rate estimate for Ohio.”
In related news, Ohio’s median household income at $49,308 in 2014 was up slightly, but that still places Ohio 35th among states, according to the U.S. Census Bureau, which had Ohio at 32nd for income in 2013.