The Cincinnati area lost 4,000 jobs from June to July, but it gained 14,000 between July 2012 and July this year, far above the 3,000 necessary to keep up with annual population growth, according to data released today by the Ohio Department of Job and Family Services.
The seasonally unadjusted unemployment rate was at 7.1 percent in July, down from 7.3 percent in June and 7.4 percent in July 2012. The labor force shrunk in comparison to the previous month and year, which means the unemployment rate fell partly because many people stopped looking for jobs.
The unemployment rate gauges the amount of unemployed people looking for work in comparison to the total civilian labor force, which means a decrease in the labor force can bring down the unemployment rate even if employment also drops.
Economists generally prefer looking at year-over-year numbers to control for seasonal factors, such as teachers leaving the work force at the end of the school year.
July’s job gains were largest in professional and business services, leisure and hospitality and educational and health services, but the city lost jobs in mining, logging and construction, manufacturing and all levels of government.
Ohio’s seasonally unadjusted unemployment rate was 7.2 percent in July.
Since the job numbers are derived from surveys, they are often revised in later months.