Tuesday, May 20, 2014

Watching Employment and Workenomics

Continuing to take the Beaulieu brothers' coaching, I'm watching employment.  And Licking County's Workenomics is watching what the numbers mean to building a pool that helps Licking County maintain its status as Central Ohio's #1 manufacturing workforce.

It's hard not to notice unemployment, though. 

Today's rates from the Ohio LMI Division sees Licking County below 5% unemployment at 4.6%, the lowest rate since November 2006.  With 3,900 reported number of unemployed persons, it's at the lowest level since December 2006.

Low unemployment could be a double-edged sword from a business standpoint, but the growth in employment and labor force tend to make up for the lower rate.  The Beaulieu brothers are right--watch employment, not unemployment.

There are 600 more people in the labor force and 700 more people in the employment column since those low rates in 2006.

And there is room to grow.

Licking County's all-time peak in employment and labor force was in July 2013 (according to adjusted Ohio LMI numbers).  There were 87,300 people in the labor pool and 81,000 of them employed in July of last year.

With a 84,500 sized labor pool for April 2014, the record is still achievable.  With 80,600 employed according to the April 2014 numbers, the peak remains 400 people ahead.

Keep watching employment and stay tuned to Workenomics' efforts to grow the labor pool too.

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