(The Center Square) – Ohio’s unemployment rate ended 2024 rising, but analysts believe the job market is still better than the national job picture.
The state’s jobless rate rose to 4.4% in December, up from 4.3% in November, but the labor force participation rate remained unchanged, according to figures recently released by the Ohio Department of Job and Family Services.
“Although not a strong ending to the year, Ohio’s job market is in fine shape as we start the New Year,” said Rea S. Hederman Jr., executive director of the Economic Research Center and vice president of policy at The Buckeye Institute. “Compared to the national job market, which strengthened slightly in December, the Ohio market ended weaker than the national average after showing signs of improvement in the fall.”
The report shows employers added 6,300 private-sector jobs in December, and a November revision showed an increase of 800 jobs. For the year, the state added 53,000 new private-sector jobs, which Hederman said shows steady job growth.
“As lawmakers consider the next biennial budget, they need to adopt policies that position Ohio to build on this job growth,” Hederman said. “Ohio is attracting new data centers and futuristic defense companies, and lawmakers are already proposing policies that can transform higher education and better prepare students for the 21st Century workforce. Lawmakers must also adopt better energy policies to attract new employers and ensure Ohio’s businesses have the energy they need to grow and create more jobs.”
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While the national unemployment rate fell to 4.1% in December, inflation rose to 2.9%, up 0.2% from November, leaving some analysts concerned threats of tariffs on imported goods from President Donald Trump could lead to higher prices as the state’s unemployment rate rises.
“Inflation ticked up for the third consecutive month, a concerning trend further exacerbated by anticipated tariffs on imported goods under a second Trump administration – which are ultimately paid by U.S. consumers in the form of higher prices,” said Molly Bryden, researcher with Policy Matters Ohio. “Sweeping changes to U.S. economic and immigration policy offer little hope for cooling inflation in the near future.”