Oftentimes, the unemployment rate is referenced in the media or newspaper without much detail as to why it is important or what it actually does. The jobless rate calculates the number of people in the labor force without unemployment. To determine the state or national unemployment rate, officials categorized residents as employed, unemployed or not in the workforce.In order to be considered in the workforce, workers must be at least 16 years of age and earning an income or actively seeking work. Those who are retired, stay-at-home family members or are students are not in the workforce. Economists use the jobless rate as a way to analyze and make determinations for the economy on both a state and national level. For example, a high unemployment rate can mean that a state is on the verge of a recession and the unemployment insurance program may experience a surge of applicants.
What is the unemployment rate in Ohio currently? As of May 2017, the unemployment rate in Ohio slightly decreased to 4.9 percent. While this jobless rate is still higher than the national average of 4.3 percent, the good news comes in the form of job growth. Within the month of May, the state of Ohio added 6,300 jobs to the labor force. While the unemployment rate in Ohio has remained fairly steady since this time last year, there have been significant additions within specific business sectors in the state. For example, unemployed workers in Ohio within the professional and business services sectors had 7,000 jobs made available, while jobs with the state government were up by 5,000. But reason the unemployment rate in Ohio has not shifted much with those figures, is due to the fact that jobs were also lost in certain sectors. Trade, transportation and utilities lost 5,900 jobs over the past year and leisure and hospitality lost 6,000 jobs. This means that many people in Ohio are still without employment.
For those who may need temporary financial help, unemployment insurance benefits can be of assistance. Ohio offers unemployment benefits for qualified individuals who meet all state requirements.