Fourth District Employment
The Fourth District's unemployment rate fell 0.1 percentage point to 5.6% in August. Employment increased 0.1%, unemployment decreased 0.6%, and the labor force grew 0.1% over the month. The national unemployment rate for August (4.7%) was nearly 1% lower than the District's.
In the overwhelming majority (150 out of 169) of the District's counties, unemployment rates remained above the national average. Over the month, unemployment rates rose in 64 counties, fell in 87, and stayed the same in 18. Of the District's major metropolitan areas, Lexington had the lowest unemployment rate (4.5%) and Toledo had the highest (6.6%). Lexington's rate improved by 0.4 percentage point from the previous month.
Although payroll employment growth in Cincinnati and Lexington exactly matched the U.S. rate of 1.3% over the year, it was negative for Cleveland (-0.1%) and Dayton (-0.8%). Goods-producing employment growth fell short of the U.S. rate in all of the District's major metropolitan areas. Service-providing employment fared better, with growth in Cincinnati and Lexington outpacing the U.S. average for that industry. Education and health services and the leisure and hospitality industry both posted positive employment growth over the year, surpassing the U.S. average in several metro areas. In the information industry, however, none of the District's major metro areas reported employment growth over the year.
Payroll Employment by Metropolitan Statistical Area 12-month percent change, August 2006 Cleveland Columbus Cincinnati Dayton Total nonfarm -0.1 0.6 1.3 -0.8 Goods-producing -0.1 0.4 0.4 -1.9 Manufacturing 0.5 0.4 -0.2 -3.2 Natural resources, mining, and construction -2.1 0.5 1.8 3.1 Service-providing -0.1 0.6 1.5 -0.5 Trade, transportation, and utilities -0.3 0.3 0.5 -3.7 Information -1.5 -0.5 0.0 -3.6 Financial activities -0.5 -1.0 …
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Publication information: Article title: Fourth District Employment. Contributors: Not available. Magazine title: Economic Trends. Publication date: October 2006. Page number: 14. © 2004 Federal Reserve Bank of Cleveland. COPYRIGHT 2006 Gale Group.
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