COLUMBUS, Ohio – The state says Ohio’s unemployment rate dropped again in May.
The seasonally adjusted rate in May was 5.5 percent, which was down from 6.1 percent in March and 5.7 percent in April, according to data released Friday by the Ohio Department of Job and Family Services. It marks the sixth straight month-to-month decline and is the state’s lowest jobless rate in seven years.
The May unemployment rate for Ohio was down from 7.4 percent in May 2013.
Ohio’s rate remains below the national rate, which was 6.3 percent in April and May.
Ohio added 2,900 jobs during the month, to 5.3 million, as gains in manufacturing and the service sector made up for losses in construction.
Many analysts are attributing the drop to a declining work force. Since May 2013, 44,000 Ohioans have stopped looking for work, meaning they have retired, returned to school, chosen to remain at home or left the state.
“We are nearly five years into recovery and we continue to underperform the nation in job growth,” said Hannah Halbert, workforce researcher with the progressive Policy Matters Ohio.
Employment has grown by 46,800 since May 2013. The state says professional and business services firms have hired more than 20,000 people and durable-goods manufacturers have added 11,800 jobs in the last year. There were other notable increases in construction (2,800), transportation and utilities (6,900), health and education services (5,300).
Significant losses were recorded in the financial services and government sectors.