Regional Labor Markets
Since the most recent recession began in March 2001, total U.S. employment has declined nearly 1.8% (roughly 2.4 million jobs). Among states that have more than 10 counties in the Fourth District, Ohio and Kentucky have posted steeper employment declines than the nation as a whole. By September 2003 (the latest state data available), Kentucky had lost 2.7% of the jobs it had had in March 2001, and Ohio had lost nearly 3.7%. Declines in Ohio and Kentucky were larger than the U.S. average because of those states’ heavier-than-average dependence on manufacturing employment. Pennsylvania, less dependent than its Fourth District counterparts on struggling manufacturing industries, has maintained its labor force better than the nation has: By September 2003, Pennsylvania had lost just over 1.4% of the total nonfarm employment it had had in March 2001.
Suggested citation: "Regional Labor Markets," Federal Reserve Bank of Cleveland, Economic Trends, no. 03-12, pp. 14-15, 12.01.2003.