Area is state’s lone bright spot
The Youngstown-Warren area is the state’s lone bright spot in Ohio’s most recent bleak economic report.
National unemployment is up slightly for the month despite 171,000 new jobs created.
The Youngstown-Warren area is the only one of the state’s seven urban areas that had fewer new unemployment claims, said George Zeller, a Cleveland-based economist. Fewer unemployment claims are an indicator of job growth.
In the last two weeks, there was “a large increase in layoffs within Trumbull County” that had caused elevated unemployment claims, he said.
The statewide figures paint a more negative picture than those for the Youngstown-Warren area.
“Ohio now has a new negative streak of 10- consecutive weeks with a job-destruction level of new unemployment claims,” Zeller said.
There has been a 2.3 percent increase in unemployment claims this year over 2011, he said.
Ohio had 10,394 new unemployment claims during the fourth week of October in 2011. The newest data show there were 10,431, an increase of 37 claims, in the fourth week of October this year.
The national statistics released Friday have mixed results.
There were 171,000 new jobs created in October and the unemployment rate is 7.9 percent, up slightly from 7.8 percent in September, according to figures released by the U.S. Bureau of Labor Statistics.
The nation’s unemployment rate, however, is a full percent lower than it was in October 2011.
There are fewer discouraged workers nationally than there were a year ago with 813,000 in October, a drop from 967,000 last October.
“The mixed levels for the USA that were released this morning by the U.S. Bureau of Labor Statistics were slightly better than the discouraging Ohio data,” Zeller said.