Strong job growth in June marks the three-year recovery anniversary
Posted July 20, 2012 in Press ReleasesFor immediate release
Contact: Hannah Halbert, 614 221.4505policymattersohio.org/jobwatch-july2012
Data from two separate surveys released by the Ohio Department of Job and Family Services (ODJFS) today suggest that the Ohio recovery is back on track. The state’s unemployment rate continued to fall in June, dropping another 0.1 percent to stand at 7.2 percent according to seasonally adjusted data released from ODJFS’s survey of households for June 2012.
A separate survey of employers also released today by ODJFS showed that Ohio added 18,400 jobs in June. Month-to-month data is highly subject to revision, and it is ill advised to make too much of month-to-month comparisons. This month’s report shows that Ohio posted job gains of more than 18,000 in both May and June, erasing the job declines of early spring.
Even with today’s positive report, recovery remains slow. Since June 2011, the state job total has grown by 100,000 jobs or 2.0 percent. At this rate it will still take nearly three years to generate the additional 244,500 jobs needed to return Ohio to pre-2007 recession levels of employment. That figure would be even higher if population growth were taken into account.
June 2012 marks the three-year anniversary of the official end of the catastrophic 2007 recession. Over the last three years, the state has had modest job growth of just 2.5 percent, with the addition of 125,100 jobs.
While job growth has been seen in most sectors, professional business services, and manufacturing have driven Ohio’s recovery, growing 8.0 and 7.6 percent respectively. Four sectors continue to see declines. Construction is down 0.1 percent, financial services are down 1.1 percent, public jobs are down 3.0 percent, and the largest decline is in information services, which has lost 4.5 percent over the recovery period.
“June’s employment numbers suggest that Ohio’s recovery, while not as strong as it needs to be, has regained some steam,” said Hannah Halbert, policy liaison with Policy Matters Ohio. “Public job loss has been an unnecessary drag, however