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Ohio unemployment rate sets another record

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(The Center Square) – Ohio continues to set records for low unemployment, according to recent jobless figures released by the state Department of Jobs and Family Services.

The state set a record for the second consecutive month as the unemployment rate dropped in June to 3.4% from 3.6%, below the June national average of 3.6%.

“With an unchanged labor force participation rate, Ohio’s jobs report shows that Ohioans looking for work are finding jobs,” said Rea Hederman Jr., executive director of the Economic Research Center and vice president of policy at The Buckeye Institute.

The state unemployment rate moved ahead of the national rate in October 2021 and remained there until May.

But, according to Hederman, the news is not all good.

The state’s private sector lost 1,000 jobs in June, mainly in manufacturing. However, a revised May jobs report showed an increase of 12,300 private-section jobs that month, double the original estimates.

“Ohio’s June jobs report reveals that the first half of 2023 was very good for Ohio workers. Workers continued to enter the job market, driving up labor force participation rates, and importantly, they were able to find jobs,” Hederman said. “In each of the past three months, Ohio set a new record low in its unemployment rate. And recent tax cuts and reforms to Ohio’s k-12 education system – championed by The Buckeye Institute and passed in the new budget – will help future Ohio workers enjoy the same opportunities that current Ohio workers enjoy today.”

Ohio’s $86.1 billion budget, passed in both the House and Senate on Republican party-line votes, includes $3 billion in tax cuts and established two tax rates in the state – 2.75% for those making between $26,050 and $99,999 and 3.5% for those making more than $100,000.

It also adjusted the Commercial Activity Tax so businesses will pay no taxes on the first $3 million of gross receipts in the budget’s first year and none on the first $6 million in the second year.

Going up would be taxes paid by sports betting operations from 10% to 20%.

The budget also included universal school choice, stripped the power of the elected state school board, and created a cabinet-level state education leader to be appointed by the governor.

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