America's heartlands are hurting, figures for Ohio show how the trend is steadily downwards for employment - but as ever, Government employment increases.
Ohio and U.S. Employment Services in cooperation with the U. S. Department of Labor released numbers today for uneployment at end Februarywhich show rates at 9.4% ( a 25 yesar high - March 1984 ) up from 8.8 %ercent in January. Ohio's nonfarm wage and salary employment decreased 7,600 over the month, from 5,208,000 in January, to 5,200,400 in February.
The U.S. total unemployment rate for February was 8.1 %, up from 7.6 % in January.
The manufacturing, retail, professional services and financial sectors all fell, while government services was the only major sector to climb.
Big Job cuts take their toll in Ohio.
The Federal Bureau of Labor Statistics monthly report for Ohio shows 91 companies cut 50 or more workers in February, up from 42 companies in February 2008. The figures are seasonally unadjusted.
Resulting first-time unemployment claims from those cuts more than doubled in turn, hitting 9,065 filings compared with 4,387 a year earlier.
That’s the seventh-highest share of unemployment insurance filings in the nation, with California topping the list with 45,557 filings last month.
Nationally In February, employers took 2,769 mass layoff actions involving 295,477 workers. Mass layoff events increased by 542 (20%) from January, and initial claims increased by 57,575. Layoff events for all industries and for the manufacturing sector rose to their highest levels on record.
Thirteen of the 19 major industry sectors reported program (ie since 1996) highs in terms of average weekly initial claimants for the month of February--mining; construction; manufacturing; wholesale trade; retail trade; transportation and warehousing; finance and insurance; real estate and rental and leasing; professional and technical services; management of companies and enterprises; educational services; accommodation and food services; and other services, (surpise , surprise) except public administration.
Louisiana and Mississippi were the only states to experience over-the-year decreases in initial claimants.
These figures must give some bankers niht sweats - who the hell are they going to stuff with loans now ?