Jobless rate falls, but cuts also cited

Ohio’s jobless rate tumbled in November to its lowest level in two years on a sharp decline in the number of unemployed workers.

The unemployment rate last month was 4.8 percent, down from 5.1 percent in October, the Ohio Department of Job and Family Services reported Friday.

The number of jobless workers fell by 17,000 in November to 279,000, and the report showed 27,000 more people working last month than in October.

The 4.8 percent rate remains above the U. S. rate of 4.1 percent. The state’s jobless rate hit a post- recession low of 4.7 percent in 2015.

Ohio was among eight states that had unemploymentrate decreases in November. The others were California, Hawaii,

Kentucky, Maine, Minnesota, Oklahoma and Wisconsin. Hawaii had the lowest unemployment rate in November: 2 percent.

The drop in Ohio’s jobless rate came even though the state’s employers said they cut 5,600 jobs in November.

“This is a good illustration of why I don’t put a lot of stock in the unemployment rate,” said Tom Jackson, an economist with IHS Markit, regarding last month’s data.

“Clearly it’s a problem when you’re cutting jobs,” Jackson said. “If the jobless rate went down like that, we know that the labor- force estimate went down. That’s definitely a concern for states like Ohio. Employers need to be confident that there will be an adequate supply of labor.”

The jobless report is made up of two surveys — one of households and one of employers — and they don’t always move in the same direction.

November 2016 December 2016 January 2017 February 2017 March 2017 April 2017 May 2017 June 2017 July 2017 August 2017 September 2017 October 2017 November 2017

Source: Ohio Department of Job and Family Services

The financial sector added 3,500 jobs, and manufacturers added 2,700 jobs.

“It’s good to see an increase in manufacturing, but I hate to see job losses in the other areas,” Jackson said. “Central Ohio is doing well, but you still have big portions of the state that just aren’t growing. That’s a limiting factor moving forward.”