Ohio is reporting a record low in the unemployment rate. In the month of April, the rate dropped to 3.7%, which is the lowest it has been since the U.S. Bureau of Labor Statistics started tracking unemployment in 1976.
The unemployment rate in Ohio has been at or below four percent since January of 2022.
The Buckeye Institute commented on the newly released jobs report from the Ohio Department of Job and Family Services, saying that in a sign of growing confidence, Ohioans surged into the job market, with the labor force participation rate increasing from 61.5 percent to 61.8.
The Buckeye Institute says while both rates remain below the national average, the April jobs report is extremely good news.
The key difference between the two is that the participation rate measures the percentage of Americans who are in the labor force, while the unemployment rate measures the percentage within the labor force that is currently without a job.