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Press Release

Toledo is seeing more employment growth and less population loss, says Cleveland Fed economist Joel Elvery

Toledo’s economy continues to expand, according to Joel Elvery, an economist at the Federal Reserve Bank of Cleveland. “There was strong growth in manufacturing and business services employment in 2015,” says Elvery. While the metro area’s unemployment rate has gone up recently, the researcher says that appears to be a reflection of increased labor force participation rather than job losses. He also notes that Toledo’s population loss has slowed markedly in recent years, improving the region’s long-term outlook.

For more of Elvery’s insights on economic conditions in the Toledo area, see our latest Toledo Metro Mix.

And in case you missed them, check out these Forefront articles about the region served by the Cleveland Fed – Ohio, eastern Kentucky, western Pennsylvania, and the northern panhandle of West Virginia.

Federal Reserve Bank of Cleveland

The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that along with the Board of Governors in Washington DC comprise the Federal Reserve System. Part of the US central bank, the Cleveland Fed participates in the formulation of our nation’s monetary policy, supervises banking organizations, provides payment and other services to financial institutions and to the US Treasury, and performs many activities that support Federal Reserve operations System-wide. In addition, the Bank supports the well-being of communities across the Fourth Federal Reserve District through a wide array of research, outreach, and educational activities.

The Cleveland Fed, with branches in Cincinnati and Pittsburgh, serves an area that comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.

Media contact

Doug Campbell,, 513.218.1892