Ohio's unemployment rate reaches a record low
Add Axios as your preferred source to
see more of our stories on Google.
Ohioans are getting to work this summer in record numbers.
Driving the news: Ohio tallied 5,639,200 non-farming jobs last month, per the latest federal and state labor data.
Why it matters: That's the highest number of filled jobs ever recorded in state history, also leading to a record-low unemployment rate of 3.3%.
State of play: Ohio had already recovered nearly all the jobs lost during the pandemic by late spring of this year.
- With July's figures, Ohio has finally recovered the losses since its previous jobs peak in May 2000.
The big picture: The U.S. unemployment rate has had a similar downward trajectory since the spring of 2020.
- It stood at 3.5% last month.
What we're watching: Low-wage workers could see a significant pay boost through a potential constitutional amendment to raise the state minimum wage.
- Organizers are collecting signatures for a proposal that could reach the ballot in 2024.
Details: Ohio's current hourly minimum wage is $10.10 and increases each year with inflation. The tipped minimum wage is half of that, provided workers can make up the difference with tips.
- The proposed amendment would raise the hourly minimum wage to $12.75 in 2025 and $15 in 2026, with annual inflationary increases to follow.
- It would also do away with lower tipped wages by 2029.
The other side: Business groups like the Ohio Restaurant Association oppose the amendment.
- A recent ORA survey of restaurant operators found 81% do not support the increase to $15 per hour and 93% reject the elimination of tipped wages.