Mahoning Valley jobless rate falls to 4.9% in October
YOUNGSTOWN
Although Mahoning Valley’s unemployment rate is at 4.9 percent, economists said the recovery is still ongoing.
Valley unemployment decreased by 2.8 percent in October compared with last year, according to the Ohio Department of Job and Family Services. Mahoning, Columbiana and Trumbull counties had a combined seasonally unadjusted jobless rate of 4.9 percent this October. Last October the rate was at 7.7 percent.
The unemployment rate for Ohio was 5.3 percent in October, down from 7.4 percent last year.
Usually full employment is associated with an unemployment rate between 5 percent and 5.5 percent. However, Mekael Teshome, a PNC Bank economist, said that’s not the case.
“No, we’re not back to full employment,” he said.
Teshome said people were dropping out of the labor force and that Valley jobs are still not at pre-recession levels.
“We are finally recovering from the recession,” said George Zeller, a Cleveland-based economist.
However, Zeller said recovery in Ohio and the Valley was at a pace below the national average for two years. Additionally, he said Ohio gained 37,000 employed workers but only 1,000 jobs in October.
“There’s a lot of discrepancy this month,” he said.
Last month, there were a total of 12,800 unemployed in the Valley, which is a decrease of 7,300 from October 2013. For the employed, there was an increase of 6,600 in the Valley last month compared with last October. The civilian labor force remained the same.
In Mahoning County, the unemployment rate last month was down 3 percent from last year with a rate of 4.9 percent. There were 5,400 unemployed and 104,400 employed in the county last month.
In Trumbull County, the unemployment rate last month was 5 percent compared with 7.6 percent last October. A total of 4,900 were unemployed, and 94,100 were employed. Columbiana County also saw a decrease in unemployment from last year with a rate of 4.9 percent compared with 7.5 percent in October 2013. A total of 2,500 were unemployed, and 48,300 were employed.
“The story’s still positive,” Teshome said.