How Fast Ohio’s Economy Is Growing

2023-02-10

The U.S. economic system expanded at a sooner fee than anticipated within the third quarter of 2022, with actual gross home product rising at an annualized fee of three.2%, rebounding from a 0.6% contraction within the earlier quarter. The sturdy third quarter progress got here as welcome information in a interval of rising pessimism as a December 2022 Bloomberg ballot of economists put the percentages of a recession in 2023 at 70%, up from 50% in September.

The industries including probably the most worth to the U.S. economic system within the third quarter of 2022 have been info, which contributed 0.88 share factors to actual GDP progress; skilled, scientific, and technical providers, which contributed 0.59 factors to progress; and mining – together with oil and fuel extraction – which contributed 0.5 factors.

Not all states reported third quarter GDP progress, nevertheless, and amongst those who did, progress charges different significantly.

Ohio’s economic system grew from $637.4 billion within the second quarter of 2022 to $639.2 billion within the third quarter. The 1.2% annualized enlargement fee was the third smallest of the 47 states to report financial progress.

Over the identical time interval, unemployment in Ohio climbed from 3.9% on the finish of the second quarter to 4.0% on the finish of the third.