OK, we have like…3526 jokes about unemployment. The problem is none of them work! Oh, the audacity. 😆
Talking heads might say new jobs are a plenty, but Ohio’s unemployment rate is telling us a pretty different story. 🧐 Let’s dive into the latest stats. 👇
Here’s Five Fast Facts on Ohio and unemployment:
- 👎 Debbie Downer - The Buckeye State’s unemployment rate hit its highest point in four years, and Americans feel pretty craptastic about the job market. In August, pessimism was right in line with what it was back in 2008. Roughly 62% of American consumers feel that unemployment will continue to get worse.
- 📈 High Times - In July, Ohio's unemployment rate rose to 5% from June’s 4.9%. That’s above the national unemployment rate of 4.2% and it’s the first time the state has seen the rate hit 5% since July of 2021.
- 👷🏽♂️ On the Payroll - When we look at the official numbers, Ohio apparently added 5,400 net payroll jobs in July. That’s a significant decrease from the 12,500 net payroll jobs reportedly added in June. Since July of last year, Ohio has added over 70,000 net payroll jobs, but unemployment has ticked up 0.7%.
- 💼 Fake News? - Back in March, Gov. DeWine spoke on several labor-boosting projects in manufacturing and transportation. He said that 15,000 jobs would be created, but critics wonder if these initiatives are really making an impact.
- 😖 Stress Test - What’s causing the rise in unemployment? Researchers blame it on persistent inflation, worries about stagflation, and hiring slowdowns. They also say the state needs to do better at linking job seekers up with good jobs that cover the essentials, especially since those costs are still on the rise.
🔥Bottom line: Ya know, with all the job revisions we’re seeing these days, we have to wonder…where else can you get a job, be wrong, and still keep your gig? Oh yeah that’s right, the Weather Channel. Have you heard about the new superhighway linking Michigan to Myrtle Beach? It cuts straight through Ohio and plans are underway. Find out more about the project in this article.
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