Ohio’s Economic Barometer: Late July 2022

• Ohio lost 11,300 jobs in June. Approximately 3,600 were from the manufacturing sector. (There were 676,400 manufacturing jobs statewide at last check.)
• Ohio saw a 16% year-over-year decrease in new business filings last month. It was the third consecutive month in which the number of new businesses was lower than the previous year.
• Ohio’s unemployment rate for June was unchanged at 3.9% — slightly higher than the U.S. average of 3.6%. (For a look at jobless rates in all 88 Ohio counties, see this map.)

With the announcement that the U.S. economy shrank for the second consecutive quarter — meeting the criteria for a technical recession — read this guidance from OMA Connections Partner Fisher Phillips on the top four things employers can do to prepare for a possible recession. 7/28/2022