There were only two insightful reports on the economy this past week—for jobs and housing. Both show impressive gains.
Weekly initial unemployment claims fell by 56,000, to 787,000. They are down more than 100,000 from a month ago. There has also been a substantial decline in the insured unemployment rate to 5.7 percent from 8.7 percent a month ago. Also, the number of people receiving unemployment insurance payments fell to 8.4 million; it was 12.6 million a month ago.
A recent Plain Dealer article that included comments made, or not made, by President Trump, has been stirring up controversy in Ohio. Former Congressman Jim Renacci, along with approximately 350 people, attended a northeastern Ohio fundraiser for the President where donors have stated Trump said Renacci was, “…deep-stated by his own party.”
While new jobs numbers released for the United States show an increase of 164,000 jobs added nationally in July – continuing a record breaking 106 consecutive month trend – Ohio’s rate of job growth at 1,500 for June sits behind 21 other states by comparison.