Cincinnati-area employment shot up in May, rising by 6,400 from April and 5,400 year-over-year, according to data released today by the Ohio Department of Job and Family Services.
Michael Jones, research director at the University of
Cincinnati Economics Center, says the numbers show the local economy is still growing.
The unemployment rate rose from 6.5 percent in April to 6.8 percent in May, but Jones says it's better to look at year-over-year trends to control for seasonal factors.
Between May 2012 and May this year, the unemployment rate dropped from 6.9 percent to 6.8 percent, reflecting 200 less people unemployed.
Job numbers at the state and federal level are normally adjusted for seasonal factors — such as increased hiring in the summer as outdoors work picks up — but local numbers aren't.
At the state level, the seasonally unadjusted unemployment rate increased from 6.7 percent in April to 6.9 percent in May, while the nationwide rate rose from 7.1 percent to 7.3 percent.
Jones calls the general trend good, but he cautions that rising interest rates could make banks and other lenders skittish about loaning money to businesses and potential home buyers, which could cause the recovery to slow down.
Still, Jones remains optimistic.
"This month has been positive, and I think we've been seeing that this is a growing trend," he says.