All content in this post can be found at the Ohio Manufacturers’ Association (OMA) site at www.ohiomfg.com.
Ohio’s Economic Dashboard
As Ohio’s economy continues to recover, here are the most recent updates of key economic indicators for the Buckeye State:
- Ohio’s unemployment rate is currently 5.2%, compared to 5.9% nationwide. (Ohio’s unemployment rankings by county can by seen here.)
- Ohio’s labor force participation rate currently sits at 61%, compared to roughly 64% in mid-2019.
- At last check, there were 658,900 manufacturing jobs statewide, compared to more than 700,000 in mid-2019.
Meanwhile, the Back-to-Normal Index — compiled by Moody’s Analytics and CNN Business — shows Ohio’s economy at 95% of its pre-pandemic level.
Biden Wants Half of All Vehicles Sold to Be Zero-Emissions By 2030
President Joe Biden this week signed an executive order that half of all automobiles sold in the U.S. be zero-emissions vehicles by 2030. While the goal is non-binding, it is part of the administration’s broader agenda to address emissions and compete with China.
Meanwhile, the U.S. EPA announced it will reverse the Trump administration’s rewrite of near-term fuel efficiency and emissions standards for gasoline vehicles. The EPA’s analysis shows manufacturers will be able to comply with these stronger standards using technology that is already used in today’s vehicles, according to the agency’s press release.
Renewables Were No. 2 Electricity Source in 2020
In 2020, renewable energy (including wind, hydroelectric, solar, biomass, and geothermal energy) became the second-leading source of U.S. electricity generation, according to the Energy Information Administration. Renewables generated a record 834 billion kilowatthours (kWh) of electricity (21%) — trailing only natural gas generation (1,617 billion kWh).
Report: Manufacturing Labor Costs Up 2.6% Since June 2020
The U.S. Bureau of Labor Statistics reports that compensation costs for workers increased 0.7%, seasonally adjusted, for the three-month period ending June 2021. For the 12-month period ending June 2021, compensation costs for the private sector increased 3.5% on average. For manufacturing, the increase was 2.6% — compared to 5.5% for leisure and hospitality.
Interested in reading additional reports and updates from OMA?
Head to www.ohiomfg.com/communities/