Ohio's unemployment rate fell by a significant margin for the second consecutive month in December and the state appears poised to continue this momentum with a spike in aerospace & defense staffing.
While construction, transportation and professional and business services experienced losses last month in Ohio, manufacturing staffing increased by 600 positions and government hiring even experienced an uptick.
Apart from these industries, it appears as if the aerospace & defense sector is also poised to do its part in keeping the Ohio economy headed in the right direction, as a major aircraft manufacturing company recently announced a five-year agreement that will create hundreds of jobs.
The jobless rate fell to 8.1 percent in December from its previous level of 8.5 percent, according to the Ohio Department of Job and Family Services. Since October, unemployment has declined by nearly a full percentage point, according to The Associated Press.
While economists say the falling jobless rate is partially a result of more people leaving the workforce, 8.1 percent is the lowest it's been since December 2008, coming back down from above 10 percent just over a year ago. Additionally, Ohio now has a lower jobless figure than the national rate of 8.5 percent, the news source said.
"The economy has gotten better. We believe it will continue to slowly improve," Ben Johnson, a spokesman with the Department of Job and Family Services, told the news source. "You kind of get two different stories when you look narrowly and specifically at December and when you look broadly at what has happened over the last 12 months."
The Ohio News Network reports the agreement between the company and the National Composite Center in Kettering, Ohio, will provide a significant boost to the local economy. The deal, which is reportedly worth $1 million for the first year and more down the line, calls for contributions from four other firms to make more efficient aircraft.
Allan McArtor, chairman of the aircraft manufacturing giant's Americas division, told the news source that aerospace companies throughout the state will be given technical and financial support in order to develop new aircraft technologies under the contract.
"As they develop and demonstrate new materials and technology, we'll keep investing in it," McArtor noted.