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It may seem like a good problem to have, but Ohio's historically low unemployment figures are creating a challenge for employers. The Buckeye State's unemployment rate has been below 4% for 14 straight months.
"The Ohio unemployment rate ticked higher to 3.7%, but this remains a much lower rate than usual for the state," Ben Ayers, senior economist for Nationwide, said. "Lack of labor remains a pressing issue for many employers, driving up wages and holding back production. The Ohio labor force stagnated over the second half of 2023 and into January, further restricting labor supply and limiting growth."
According to Ayers, there are 50% more job listing than unemployed Ohioans. Part of the reason for that is the continued low workforce participation rate, which Ayers said sits at 62% with little sign of returning to pre-pandemic trends.
A contributing factor may be the disconnect between the education/training level and skillset of those who are not working and the jobs that are available. Finding a good-paying job that is within commuting distance and fits a job-seeker's credentials is still difficult for many. For example, data shows the region with the highest unemployment rate in January was the Weirton-Steubenville area, with a 5.7% rate. Workers there have a much different skillset than those in the Columbus metro area, where unemployment sits at a state-low 3.6%.
The figures should serve as another reminder to state and regional economic development officials that it is time to focus on rural and Appalachian Ohio. There have been successes all over the state; let's turn that attention to the counties near the Ohio River.