Tue., 8:52am: Analyst says NE Ohio recovery too slow
SALEM – While there is some good news in the latest new unemployment claims in Ohio, Cleveland Economic Research Analyst George Zeller said at the rate new jobs created, it will take 111 years for Northeast Ohio to recover the jobs lost since 2000.
Zeller, a 1967 Salem High School graduate, uses the benchmark year of 2000 since his reports are designed to measure the point at which Ohio’s lengthy 2000s recessionary labor market contraction concludes as a result of the end of job destruction.
His data tracks employment losses in Ohio because it is directly associated with payroll earnings losses and also cause declines in other measures of the business cycle, notably revenues generated by tax streams at various levels of government.
The year 2000 is the beginning of Ohio’s ongoing recession and it wasn’t until 2007 when the “bad recession hit,” Zeller said.
While some say the economy is recovering, Zeller said, “We need to speed up the rate of growth.”
The hole is deep and wide in Northeast Ohio which has lost 41,000 manufacturing jobs since 2007.
“The good news is we are gaining manufacturing jobs now and, in Northeast Ohio, the trouble is at the rate we’re gaining now it will take 111 year to recover the jobs we lost since 2000,” he said.
Northeast Ohio gained 1,144 jobs last year.
Zeller said one county in the state recovered its jobs back to the pre-2007 recession level. That is Carroll County which is currently the oil and gas industry’s Utica Shale play centerpiece, attracting millions of investment dollars.
Zeller called the 111 year recovery period “a stunner.”
Complete coverage will appear in Wednesday’s Tribune Chronicle print and electronic editions.