Ohio Recognized for Focus on Innovation by Business Facilities Magazine

Real GDP increased at 2.7% annual rate in Q4 2022, down from initial estimates of 2.9%, according to the second estimate from the Bureau of Economic Analysis. Annual estimates for Real GDP growth in 2022 remained at 2.1%. Industrial production was unchanged in January. Manufacturing output rose 1.0% during the month following two months with substantial decreases. Capacity utilization declined to 78.3% during the month, remaining below its long-run (1972–2022) average.  Consumer spending rose 1.8% in January, above expectations for an increase of 1.3%. Data for December was revised higher to -0.1%, up from -0.2% reported previously. Retail sales rose 3.0% in January, the largest monthly increase in the last 22 months.

Read the complete article from Jobs Ohio here.