Ohio Named #6 Best State Business Climate by Site Selection
December 23, 2022
Total nonfarm payroll employment increased by 261,000 in October, and the unemployment rate rose to 3.7%. The labor force participation rate declined slightly to 62.2% during the month and remains 1.2% below its February 2020 level. Job openings increased above forecasts to 10.7M in September, up from a revised 10.3M in August. Hires declined to 6.1M during the month and quits declined to 4.1M. Weekly jobless claims unexpectedly fell to 217,000 during the week ended October 29, a decrease of 1,000 from the previous week’s revised level. Continuing claims rose to 1.485M.
The Federal Reserve raised its short-term borrowing rate by 75 basis points to a target range of 3.75 - 4%, the highest level since January 2008, and stated it would take into account the lagging impact of higher rates on the economy in determining the pace of future rate hikes. The PCE price index rose 0.3% in September to a 6.2% annual rate. Core PCE, the Federal Reserve’s preferred gauge of inflation, rose 0.5% during the month to a 5.1% annual rate.