Cleveland experiencing slow growth and falling unemployment, say Cleveland Fed researchers
The Cleveland metro area’s economy continues to improve. In the Federal Reserve Bank of Cleveland’s latest Cleveland Metro Mix, Bank researchers Joel Elvery and Julianne Dunn found while employment grew slowly in 2018, the unemployment rate dropped steadily in the early part of 2019, landing at 4.3 percent in May.
“Employment growth has been driven by the professional business services and manufacturing sectors,” write Elvery and Dunn. “GDP per capita and income per capita picked up in 2017, and though consumer debt per capita has drifted up slightly, the credit card delinquency rate remains steady.”
Examining the housing market, home price growth drooped in May 2019 in the Cleveland metro area, Ohio, and the United States. While year-over-year growth remained positive in the Cleveland metro area at 4.1 percent, the median home value in the metro area fell from a March peak of $147,100 to $145,800 in May (a 0.9 percent drop).
For more of Elvery’s and Dunn’s insights on economic conditions in the Cleveland area, see our latest Cleveland Metro Mix.
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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.
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