The latest Ohio by the Numbers report shows that Ohio’s economy gained 1,000 non-farm jobs during October. The addition of 8,400 private sector jobs more than offset the loss of 7,400 jobs in the government sector.

Ohio’s unemployment rate dropped from 5.6 percent in September to 5.3 percent in October: a solid decline that went hand-in-hand with an unusually large rise of more than 10,000 workers in Ohio’s labor force. However, Ohio’s labor force is still down 25,000 workers since the beginning of 2014. And although the state’s labor force participation rate ticked up slightly in October, rising to 62.9 percent, it is still down 0.6 percent since October 2013.

October marks the second consecutive month of a declining unemployment rate combined with a growing labor force. Although two months do not make a trend, they may offer a promising sign of a more robust economic rebound ahead-a rebound the state desperately needs as its private sector job growth rate ranks only 29th nationally since 2010 (7.8 percent) and 47th since 1990 (10.2 percent).

Highlights from the report include:

• Ohio gained 8,400 private sector and shed 7,400 total government jobs in October;
   
• Ohio’s unemployment rate dipped markedly to 5.3 percent;
   
• Ohio ranked 29th nationally in private sector job growth since January 2010, increasing 7.8 percent;
   
• Ohio currently ranks 47th nationally for private sector job growth since January of 1990, increasing 10.2 percent (top-ranked North Dakota grew 100.3 percent during the same time span).

For the full report, please click here.