DAYTON, Ohio (WDTN) – Ohio’s unemployment rate dropped in October according to numbers released by the state today.
The unemployment rate dropped to 5.3 percent in October, a decrease compared to 7.3 percent in October of last year.
The trend over the past year has shown that the unemployment rate keeps steadily decreasing.
2 NEWS wanted to find out what it meant for the state in the long run and a Sinclair economics professor tells me, we’re on the right track.
“Short term it wil fluctuate, long term hopefully we’re doing things right in the state to attract investment. If long-term that remains the case, we will do well long-term. If we have some good things in place structurally, it will continue to grow, the economy will continue to grow,” said Robert Menaffee, Sinclair economics professor.
Menaffee also said more people are not working because they’ve given up on the job market, but it’s a good sign that the unemployment rate is down.
Ohio’s unemployment rate of 5.3 percent is a bit better than the national rate which is at 5.8 percent.