It is said that this is the lowest the unemployment rate has been in Cincinnati since 1970. In April 2018 the unemployment rate dropped to 2.9% and remains the same today. The last time unemployment rates were this low was in April and July in 1998 sitting at 3.1%.
That in combination with great job growth makes for quite a powerful job market. Co-director of research at the University of Cincinnati’s Economics Center, Christopher Nicak said that the economy seems strict with regards to recruitment which in time can lead to short term inactiveness but overall that Cincinnati seems to be doing good.
Nearly 20,000 jobs were added in March from the year before and what’s even more awesome is that the workforce increased by nearly 10,000 people since February.
The amount of people not employed remains quite low and many economists and politicians are saying that these results create a strong job market.
Nicak also said: “This is definitely resulting in an incredibly tight labor market. Potentially more important than low unemployment is the labor force participation level. We are nearing the highest since 2000.
Whether or not this results in some potential slowing of growth is up for question but it’s certainly a possibility.”
According to the Department of Job and Family Services numbers, the average weekly earnings have dropped quite a bit and that wages have unfortunately not improved as an outcome of this strong market.
The economy grew by more than 2000 jobs from a year ago and in many sectors, employment rates continue to rise.