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Tech Prep Ohio

Success Bound Conference

October 7, 2022

Northwest Ohio

Labor Market Update

RUSSELL W. MILLS, Ph.D.

SENIOR DIRECTOR

CENTER FOR REGIONAL

DEVELOPMENT

BOWLING GREEN

STATE UNIVERSITY

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Overview of the Data in Today’s Presentation

  • Most of the information in today’s presentation comes from the following publicly available sources:
    • Bureau of Labor Statistics (BLS)
    • U.S. Census and American Community Survey (ACS)
    • Bureau of Economic Analysis (BEA)
    • Federal Reserve Banks of St. Louis and Atlanta
    • Ohio Labor Market Information (LMI)
  • Additionally, the presentation contains information that comes from CRD’s subscription to the following data providers:
    • Lightcast
    • Metopio
    • Chmura JobsEQ

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National Labor Market Indicators

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Near Record Low Unemployment

Bureau of Labor Statistics (BLS) Current Population Survey (CPS) Seasonally Adjusted

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Declining Labor Force Participation Rate

Bureau of Labor Statistics (BLS) Seasonally Adjusted

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Recovery from the COVID-19 Pandemic

Bureau of Labor Statistics (BLS), Seasonally Adjusted

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Quits Remain High But Are Slowing

Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted

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High Quits Rate, but Slowing

Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted

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Quits by Industry

Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted

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Quits by Industry, YoY Change

Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted

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Layoffs and Discharges Remain Low, But Are Trending Up

Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted

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Job Openings Dropped Drastically in August

Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted

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Job Openings by Industry

Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted

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Change in Job Openings by Industry

Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted

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Flat Levels of Hiring

Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted

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Hiring by Industry

Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted

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Hiring by Industry, YoY Change

Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted

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Gap Between Openings and Hiring by Industry

Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted

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Change in Wages by Industry

Bureau of Labor Statistics (BLS) Current Employment Statistics (CES) Seasonally Adjusted

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Tight Labor Market

Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted

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Wages Continue to Rise

Federal Reserve Bank of Atlanta

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At a Faster Rate for Those Who Switch Jobs…

Federal Reserve Bank of Atlanta

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Thank Those Who Stay in Their Jobs

Federal Reserve Bank of Atlanta

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High Levels of New Business Starts

U.S. Census Business Formation Statistics

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And High Levels of Self-Employment

BLS Current Population Survey, Seasonally Adjusted

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State & Local Labor Market Indicators

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Ohio Quits

Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted

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Ohio Job Openings

Bureau of Labor Statistics (BLS) JOLTS Seasonally Adjusted

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NW Ohio Population Change by County (2010-2020)

U.S. Census 2010 and 2020

TOP COUNTIES WITH POPULATION GAINS

  1. Delaware (39,910; 22.91%)
  2. Union (10,084; 20.05%)
  3. Wood (6,760; 5.39%)
  4. Knox (1,800; 2.95%)
  5. Mercer (1,714; 4.20%)

​

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NW Ohio Unemployment Rate (August 2022)

Ohio LMI

COUNTIES WITH LOWEST UNEMPLOYMENT RATE

  1. Mercer (2.80%)
  2. Putnam (2.90%)
  3. Wyandot (3.20%)
  4. Delaware (3.30%)

Auglaize (3.30%)

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NW Ohio Unemployed Workers (August 2022)

Ohio LMI

COUNTIES WITH FEWEST AVAILABLE WORKERS

  1. Paulding (300)
  2. Wyandot (400)
  3. Van Wert (500)
  4. Putnam (600)

Hardin (600)

Henry (600)

Williams (600)

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NW Ohio Unique Job Postings By Occupation (August 2022)

Lightcast

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NW Ohio Unique Job Postings By Industry (August 2022)

Lightcast

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NW Ohio Unique Job Postings-Manufacturing (August 2022)

Lightcast

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NW Ohio Unique Job Postings-Health Care (August 2022)

Lightcast

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What Does the Future Hold?

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Birth Rates Have Declined Since 2008

Federal Reserve Bank of St. Louis

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Immigration to the U.S. Has Fallen Sharply

Department of Homeland Security, Data by Fiscal Year

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Migration within the U.S. Has Slowed

U.S. Census Current Population Survey

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Migration within the U.S. Has Slowed

U.S. Census Current Population Survey

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Savings Rates are Beginning to Slow

Bureau of Economic Analysis (BEA)

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