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Economy and Business


Ohioans experiencing record instability
New report shows high number of Ohioans losing financial cushion
by WKSU's JASEN SOKOL


Reporter
Jasen Sokol
 

A new report shows 20 percent of Ohioans lost a quarter or more of their financial cushion in 2010 and are having trouble making up the loss.  

The report by the Rockefeller Foundation says the percentage of Ohioans experiencing economic instability continued to climb in 2010 despite the fact that unemployment tapered off. Research associate Stuart Craig says that a drop in unemployment doesn’t mean that Ohioans are more economically stable.

Stuart Craig explains link between unemployment and financial instability

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“The unemployment rate only counts people as unemployed if they’re actually searching for a job,” he explained. “So it could be that there may be many people who are discouraged. Maybe they’re starting to drop out of the labor force, maybe their unemployment benefits are running out. There could be a number of things.”

Ohio’s economic stability level ranked 26th in the country and was slightly better than the national average during the recession, which lasted from 2008 to 2010.

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