(The Center Square) – Ohio’s September labor statistics continued to lag the rest of the nation, but analysts see positive signs.
According to figures released by the Ohio Department of Job and Family Services, the state’s unemployment rate remained unchanged at 4.5% for the second consecutive month. However, the labor force participation rate rose slightly to 62.4% from 62.3%.
Both of those numbers were below the national average. The national unemployment rate continues to fall, finishing September at 4.1%, while the labor force participation rate closed at 62.7%.
“September’s report contained good news, with 9,500 new private-sector jobs erasing August’s job loss,” said Rea S. Hederman Jr., executive director of the Economic Research Center and vice president of policy at The Buckeye Institute. “Although private-sector job growth has continued throughout 2024, growth remains slow, with some down months slowing the overall upward trend.”
The job growth has other analysts optimistic about the labor market’s concerns.
“Strong job gains in September mirror national employment trends, which exceeded expectations last month,” said Molly Bryden, researcher with Policy Matters Ohio. “Recent growth alleviates broad concerns around a weakening labor market, and as the Fed continues to lower interest rates, Ohioans can remain hopeful in a robust, resilient economy. Though it’s too soon to attribute this month’s employment gains to the Fed’s interest cuts, we should expect to see continued economic growth as employers begin to respond to greater borrowing power supported by lower interest rates.”
Ohio construction jobs increased by 6,700 in September, while the state’s goods-producing industry sector added 5,500 jobs. Also, 4,000 jobs were added in the service industry, along with the public sector.
“Consistent gains in construction jobs are a good sign,” said Bryden. “We’re hopeful recent fiscal policy decisions can reverse the downward trend in manufacturing jobs over the past few months. Interest rate cuts offer an opportunity to mitigate the contraction in the manufacturing industry – which has a large presence in Ohio – that we’ve observed this year.”
Other economic indicators showed the inflation rate fell to 2.4% in September, down 0.1% from August and continuing a trend of lower inflation since March.
