Cleveland’s economic performance is mixed, says Cleveland Fed economist Joel Elvery
The Cleveland metro area continues to slowly add jobs, according to Federal Reserve Bank of Cleveland economist Joel Elvery. But the researcher also notes that the manufacturing sector and the professional and business services sector each lost over 1,500 jobs in 2015.
Elvery attributes an increase in the metro area’s unemployment rate to an increase in the number of people who entered the labor force and started looking for jobs in the first half of 2016. “This is good news,” says Elvery, “because it suggests that the economy has improved enough to draw people back into the labor market.” Other good news? “GDP per capita continues to rise, home prices increased for 12 months in a row, and residential construction has been ticking up,” says the researcher.
For more of Elvery’s insights on economic conditions in the Cleveland area, see our latest Cleveland 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.
Doug Campbell, firstname.lastname@example.org, 513.455.4479