Zeller: Ohio job growth positive
For the third consecutive week Ohio’s streak of “job growth” levels show that new unemployment claims are not elevated, according to Cleveland Economic Researcher George Zeller.
The Ohio data for the new week are similar to the clearly favorable national data this week, Zeller, a 1967 Salem High School graduate, said. Zeller uses the benchmark year of 2000 in his reports which are designed to measure the point at which Ohio’s lengthy 2000’s recessionary labor market contraction concludes as a result of the end of job destruction.
Zeller’s data tracks employment losses in Ohio because it is directly associated with payroll earnings losses and also causes declines in other measures of the business cycle, notably revenues generated by tax streams at various levels of government.
The latest data, Zeller said, points to “only the third week of 2014 when Ohio reached a ‘job growth’ level of new unemployment claims that was not caused by annual winter distortion.
“This of course is a favorable development.”
Also showing improvement are the number of the state’s seven multi-county urban regions having a “job growth” level of new unemployment claims in the data for the second week in May 2014.
The week included Canton, Youngstown-Warren, and Toledo while Columbus again retains Ohio’s highest a “job destruction” elevated level for the week.
The statewide level of new unemployment claims is currently 7,296, a figure that is 5.7 percent below the 7,733 that Ohio had during the second week of May in 1999.
This favorable level extends Ohio’s streak of consecutive weeks with a “job growth” level of new unemployment claims to three.
He noted the decline in new national unemployment claims that were below the 400,000 borderline between recessionary job losses and recovery job growth.
He noted this was 74th consecutive week this very favorable measure in the weekly national data was registered.
Zeller said, “In another favorable situation, the national four-week moving average this week fortunately remains well below the 350,000 level that indicates a weakening labor market.
“Hence, the slightly improving Ohio data are similar to the to the still largely favorable USA data this week.