Ohio unemployment figures released for April 2014 showed a significan
t drop in the local unemployment rate. Wyandot County’s unemployment rate for April 2014 dropped
over 1 percentage point from the previous month of May, which was 5.6% down to 4.4%. April marks the first time since October 2005 that the county’s unemployment rate was less than 5%. According to information released by the Ohio Department of Job
and Family Services, unemployment rates dropped across all 88 Ohio counties in April.
The unemployment rate recently released for May shows a continued slight decrease at 4.3%.
While these numbers are overall a positive representation of the local economy and that of the state, it is important to analyze the figures involved in calculating the rate. In Wyandot County, the total civilian labor force decreased from 10,900 in March to 10,800 in April. A decrease in the local labor force is not necessarily a good statistic. The number of individuals unemployed also dropped from 600 to 500 resulting in the drop in unemployment rate. A drop in the number of unemployed could also be attributed to negative factors such as individuals who are no longer actively seeking employment.
For more information on the calculation of Ohio’s unemployment
rates, visit: http://ohiolmi.com/