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March 26th, 2013 By German Lopez | News | Posted In: News, Economy

Local Unemployment Rate Plummets

February jobs report shows dramatic drop in joblessness

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city hallCincinnati City Hall - Photo: Greg Hume

Cincinnati, Hamilton County and Greater Cincinnati experienced dramatic drops in the seasonally unadjusted unemployment rate between January and February, according to new data released by the Ohio Department of Job and Family Services (ODJFS).

In Cincinnati, the seasonally unadjusted unemployment rate dropped to 7.5 percent in February, down from 8.6 percent in January. The civilian labor force, which measures the amount of people working and seeking jobs, also dropped from 139,400 to 138,900, which means less people were looking for work. The amount of people employed rose from 127,400 to 128,600 and the amount of people unemployed dropped from 12,000 to 10,300.

At the county level, the civilian labor force remained steady, while the seasonally unadjusted unemployment rate dropped from 7.9 percent in January to 7.1 percent in February. Across all of Greater Cincinnati, the unemployment rate dropped from 8 percent to 7.4 percent, even as the civilian labor force grew by 1,300 — a sign that more people in the region are looking for work.

Michael Jones, research director at the University of Cincinnati Economics Center, says the report was encouraging and consistent with the past few years trends: “We’ve seen a lot of activity in the Cincinnati area. We know a few companies have been actively growing their businesses.”

The gains were also improvements in a year-over-year comparison. In February 2012, Cincinnati’s seasonally unadjusted unemployment rate was 8.4 percent, Hamilton County’s rate was 7.8 percent and Greater Cincinnati’s rate was 8.2 percent. The civilian labor force was also larger in Cincinnati, Hamilton County and Greater Cincinnati in February 2012, but less people were employed across-the-board.

Jones says looking at employment numbers is a much better way to gauge economic health than looking at the size of the civilian labor force. While employment purely measures job growth, the civilian labor force can be driven by demographic changes — including an aging, retiring population — and people going back to school full-time, according to Jones.

In February, Ohio’s seasonally unadjusted unemployment rate was 7.6 percent, and the U.S. seasonally unadjusted unemployment rate was 8.1 percent.

Jones says Cincinnati and Ohio are poised to continue strong growth: “We have a strong health care sector. As health care continues to be an important component of our economy, … Cincinnati is very well positioned to capture that growth.”

State and federal numbers are typically adjusted to account for seasonal employment patterns, while local numbers are not.

Unemployment numbers are calculated through a household survey. The unemployment rate gauges the amount of unemployed people looking for work in contrast to the total civilian labor force. Since the numbers are derived from surveys, they are often revised in later months.

Update (3:54 p.m.): This story was updated with comments from Michael Jones, research director at the University of Cincinnati Economics Center.

 
 
 
 
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