For the time being, there appears to be no letup in Ohio’s need for human labor.
According to OhioMeansJobs.com, the official website for finding employment in the state, as of October 13, 2018, there were 305,415 job opportunities across the state. That’s a rise of 28,767 job openings from the previous month, making it the most significant monthly gain in job ads in statistics going back four years.
Moreover, regional job postings have been rising this year, with the most recent survey showing new highs for several major metropolitan areas in 2022. The Columbus metro area had 69,433 job opportunities, the Cincinnati metro area posted 52,840, and the Cleveland metro area posted 100,712.
While the number of job openings is rising, many organizations, especially newer ones, need help filling those positions.
It’s still challenging to locate folks in all areas. Max Brickman, CEO of Easton-based venture capital company Heartland Ventures, remarked, “Startups are not an exception.” Don’t lose your cool now.
According to Nationwide senior economist Ben Ayers, “there is skills and experience employers are looking for may not always align. Employers are searching for the skills and background of the available worker.”
Any discomfort you experience will merely be temporary.
While employment is still in high demand, for the time being, he anticipates a slowdown Federal Reserve’s interest rate in 2023 and ongoing interest rate hikes to combat decades-high inflation.
He predicted that “all of the important labor market data” would decline as 2023 approached. Given the recent Fed tightening cycle and other indicators of a declining demand across the economy, There can’t be continued growth in the number of jobs and interest from businesses at the current rate.
A recession is expected next year, but not as severe as the one that occurred in the early days of the epidemic or the Great Recession that occurred from 2007 to 2009.
As Ayers put it, “there will be some pain, but it will be short-lived,” which is consistent with what may be considered a typical type of recession the American economy has faced.
Ohio’s unemployment report for November is coming on December 16; the national rate was 3.7% in November; the rate in Ohio was 4.2% in October. He predicted that the jobless rate would peak late in 2023 or early in 2024, having increased by 2 to 3 percentage points since late last year.
As a whole, we’ve decided to slow down. Mark Partridge, the holder of the C. William Swank chair in rural-urban policy at Ohio State University, has noted a widespread dread that the Federal Reserve may overreact to recent events. Since they will exert so much effort, they will inevitably go too far.
Currently, there is a great deal of unpredictability that might damage the economy, from the Federal Reserve hiking rates to a shift in the crisis in Ukraine or the jump in fuel costs earlier in the year, he said.
However, he added, a statewide economic downturn or recession is unlikely to alter the trajectory of the state’s major cities.