Northeast Ohio Economy Suffers Setback in Latest Monthly Jobs Report
Economic experts are disappointed in the latest Jobs Report, released by the Bureau of Labor Statistics. The results show a slight drop in labor force participation and weaker-than-expected job growth, despite a large drop in jobless claims.
PNC Senior Economist Bill Adams says that while the Northeast Ohio economy wasn’t hurt as much as other parts of the country that depend on tourism, the number of retirees leaving the workforce here has put a strain on the overall economy.
“Northeast Ohio has an older labor force, and we’ve seen an increase in the number of retirements nationally because of the pandemic," Adams said. "I think that’s going to drag on the labor force participation in Ohio and make it harder for employment to recover to pre-pandemic levels.”
Since expanded unemployment benefits expired last month, more than 7 million people have stopped filing unemployment claims. Adams says he expects overall economic performance to return to pre-pandemic levels sometime next year.