Ohio's unemployment rate rose in December for the second straight month even as the state's employers added 15,200 jobs, according to state figures released today.
The state's unemployment rate climbed to 4.7 percent in December from 4.5 percent in November, the Ohio Department of Job and Family Services said. The unemployment rate hit a 14-year low of 4.4 percent in October.
Ohio's unemployment report consists of two surveys: one of households that determines the unemployment rate and a second one of employers that shows how many employees they are hiring and firing, and the surveys don't always move in the same direction.
The household survey showed a large 16,000 people joined the labor force in December, but only 2,000 found work, and that bumped up the unemployment rate.
The employer survey showed job increases in a broad number of sectors: 6,300 jobs in the trade, transportation and utilities sector; 4,900 jobs in private education and health care; 3,200 jobs in manufacturing; and 2,200 jobs in professional and business services.
The financial sector reported a loss of 1,600 jobs and the leisure and hospitality sector cut 1,200 jobs last month.
Ohio has now added 82,700 jobs over the past year. Meanwhile, the number of unemployed workers has fallen by 23,000 to 269,000 during that period.
http://www.dispatch.com/content/stories/business/2016/01/22/0122-ohio-unemployment-rate-rises.htmlThe reason i chose this article is because I live in Ohio and wanted to see more about what our professor was talking about in class in relation to an increase in unemployment rates in Ohio. This is a recent trend but Because of the large inflow of jobs in the early part of the year we can see a sharp fall of unemployment. Now Ohio is regulating itself to a normal unemployment rate meaning there isn't much to worry about along those lines. It also has seasonal effects because some workers were found to be employed on a national scale but do not work during the winter months, thus causing the unemployment rates to rise.
i find this article interesting because i didn't expect the unemployment rate to increase in the month of December, i figured that it would have actually decreased in December and would of went up in January. the reason i thought that is because companies usually hire seasonal help during the holidays and then at the start of the new year they would dismiss those workers causing the unemployment rate to increase. it will be interesting to see if the rate increases again in January. overall i don't see a huge problem because yes it did go up it still is at a low percentage.
ReplyDeleteHigh unemployment rate is always a highly discussed topic and I want to figure out the reason of why there are still so many people unemployed after adding different sectors of jobs. The post explained a lot about the issue.
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ReplyDeleteI am curious to see how the employment impacts inflation. We have discussed in class that unemployment rate and inflation are inversely related. It seems like politicians when they are pushing their sale of what they are gonna do in office, all they do is talk about how many more jobs will be available, but right now it's an employee market, but I am curious how that impacts our economy as a whole and what balance needs to be there so prices don't get too hiked up by employers and what level on inflation is healthy vs too rapid.
ReplyDeleteI think this information is particularly important because the Ohio unemployment rate is likely to be a factor as students who will soon enter the work force. I was surprised that the unemployment rate rose in December because of the season as mentioned in an above comment, however fluctuations are expected and therefore I don't think it is worrisome. I was interested in the unemployment rate of the other states in comparison and was interested to find that even five years after the recession, states in 2014 had a very wide range of unemployment rates from 3-7.3.
ReplyDeletehttp://www.npr.org/sections/money/2014/09/04/345796900/the-unemployment-rate-in-every-state-before-and-after-the-great-recession