Things are looking brighter when it comes to Greater Cincinnati’s job market.
The unemployment rate in Greater Cincinnati’s 15-county area plummeted to a six-year low in August as it fell below 5 percent for the first time since April 2008. The local jobless rate hit 4.9 percent, a marked improvement from the 5.6 percent rate in July, according to new figures from the Ohio Department of Job and Family Services. The figures are not adjusted for seasonal factors.
Jobs are on the rise locally, too. Greater Cincinnati employers added 6,000 jobs in August, lifting total local employment to 1,048,600. That’s still a notch below the May peak of 1,053,700.
While the numbers look great, there are a few factors that should keep people from getting too giddy, economists say.
“The drop in the metro unemployment rate is certainly good news and in keeping with the continued strength of the local economy,” said Julie Heath, director of the University of Cincinnati’s Economics Center. “The fact that these are non-seasonally adjusted data means we shouldn’t be popping any champagne corks, but the trend is good and reflects the diversity of the metro region.”
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