Slow and Steady Growth for Ohio Manufacturing
Amid the heat and the humidity of a Midwest summer, many manufacturers take a break to assess where their company is at currently, quarterly, and year-to-date in order to assess where they stand in relation to overall manufacturing in the state. This time of year, manufacturers hope to find themselves in a positive place. While concerns about the industry still exist and unemployment continues to plague some parts of the industry, the news is not all bad. Recent data released by the Ohio Department of Job and Family Services found a slight decrease in the unemployment rate reported in June.
Slow and Steady Growth
Incremental adjustments of a positive nature may best define the current unemployment situation for the manufacturing industry. In April, the jobless rate was 5.2 percent, which is the same as it was one year ago in April, according to data from the Ohio Department of Job and Family Services. May showed a slight decrease at 5.1 percent. Data attributed the change to an additional 9,200 jobs added last month. Information provided by the state of Ohio shows an additional 125,000 people joined the workforce over the last year, and employers in the state added 107,000 jobs in the same 12 months, according to an article in the Toledo Blade.
Change Still Needed
Many reports point to the loss of durable goods manufacturing employment as the reason for little significant change in overall unemployment. To date, these numbers exceed any gains in the areas of non-durable goods manufacturing. Another ongoing issue is the environment of a strong U.S. dollar and the expense of the export of U.S. goods for buyers outside of the U.S. On the flip side, Ohio manufacturers continue to prove their innovation and versatility by adapting their manufacturing offerings. Examples of this include the expansion of additional manufacturing capabilities and applications in areas such as the medical, aviation, and automotive industries.
Looking Forward with Confidence
Many Ohio manufacturers, particularly small- to medium-sized manufacturers, understand innovation and looking for customer inputs are increasingly important if they look to remain relevant in the new manufacturing economy. The latest numbers, although not the perfect scenario, still reveal slow and steady growth for Ohio Manufacturing which is great news considering the unpredictable political climate of an election year.
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