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Cincinnati unemployment rate dips below 7%

Business Courier
Greater Cincinnati’s jobless rate improved for the fourth straight month, falling to 6.9 percent in May and reaching its lowest level since November 2008.

The unemployment rate for the local 15-county area improved from 7.1 percent in April, according to newly released Ohio Department of Job and Family Services data. The local figure, which is not adjusted for seasonal factors, fell from 8.4 percent in May 2011.

The number of jobs also improved for a fourth consecutive month, as the local economy added 8,600 jobs during the month. Compared with a year ago, 18,200 more people in Greater Cincinnati have jobs, as local nonfarm employment reached 1,016,700 in May.

Greater Cincinnati’s unemployment rate matched Ohio’s unadjusted jobless rate for May. The state rate was 7.3 percent when adjusted for seasonal factors. The local jobless rate was far better than the national unadjusted rate of 7.9 percent. The U.S. adjusted unemployment rate was 8.2 percent for May.

Service industries added most of the jobs compared with the prior month. That sector generated 6,400 additional jobs. Wholesale and retail trade, leisure and hospitality, and financial services generated much of those gains. The service sector added nearly 10,000 jobs compared with a year ago.

Goods producers added 2,200 jobs during the month, with most of those in the construction and contracting fields. Manufacturing employment was flat, but it added 7,500 local jobs compared with a year ago.

Read the Business Courier article here.

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