Jobs Report Shows Continued Loss in Manufacturing Sector
A report released Wednesday shows staggering numbers of jobs lost in Ohio. According to the "Jobs and Earning Trends in Ohio Counties" report, Montgomery county and the Dayton/Springfield area were hit harder than other urban area in the state.
The report shows that Montgomery County has lost 41.5% of manufactuing jobs over the past seven years. Diane Shannon is an economist for the city of Dayton, and she says this isn't exactly new news.
"We have been shedding manufacturing jobs for decades now and after each recession, we would be at a lower point than we were at the prior one and so we've continued down this path. Now we're about average in terms with the nation of percentage of jobs and manufacturing and so we're not looking for large declines going forward because we don't have that big concentration. So we shouldn't see that kind of loss that we've experienced over the last several decades," says Shannon.
University of Dayton Economist Richard Stock says the manufacturing jobs lost over the past year have been almost exclusively from the automotive industry, and there has been some growth in other manufacturing sectors.
"So I do think long term that you are sitting there with a healthy Dayton economy, but these next eighteen months are going to be associated with continued job losses," says Stock.
The report shows that statewide Ohio has lost 1 in 20 jobs over the decade. The report only covered through the second quarter of 2008, before the recent credit crisis began in September.