February 2016 NewsWIB Labor Market Information

Ohio, Hamilton County, Cincinnati MSA

Current Employment and Unemployment Data

The following information was reported at the end of December 2015. All employment and unemployment figures are "seasonally adjusted."

Ohio's unemployment rate = 4.7%
Ohio's employed = 5,458,000
Ohio's unemployed = 269,000

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Hamilton County's unemployment rate = 4.1%
Hamilton County's employed = 387,300
Hamilton County's unemployed = 16,700

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Cincinnati MSA's unemployment rate = 4.3%
Cincinnati MSA's employed = 1,026,100
Cincinnati MSA's unemployed = 45,700

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City of Cincinnati's unemployment rate = 4.5%
City of Cincinnati's employed = 136,200
City of Cincinnati's unemployed = 6,500

Additional information is available at www.ohiolmi.com.

National LMI Updates for January 2016

The U.S. unemployment rate was 4.9 for January 2016 down a percentage point from December 2015.

Total non-farm payroll employment rose by 155,000 in January. Job gains occurred in several industries, led by retail trade, food services and drinking places, healthcare and manufacturing. Employment declined in private educational services, transportation and warehousing and mining.

Retail trade added 58,000 jobs.
Food services and drinking places added 47,000 jobs.
Healthcare added 37,000.
Manufacturing added 19,000 jobs.

January 2016 average hourly earnings for all employees on private nonfarm payrolls increased by 12 cents to $25.39. Over the year, average hourly earnings have risen by 2.5 percent. In January, average hourly earnings of private-sector production and non-supervisory employees rose by 6 cents to $21.33.

Unemployment

The number of unemployed persons was 7.8 million In January 2016.
The number of long-term unemployed (those jobless for 27 weeks or more) was essentially unchanged at 2.1 million in January 2016 and accounted for 26.9 percent of the unemployed.
Among the major worker groups, employment rates for adult men (4.5 percent), adult women (4.5 percent), teenagers (16.0 percent), Blacks (8.8 percent), Asians (3.7 percent), and Hispanics (5.9 percent) were slightly lower than the previous month.

Sources: Visit the Bureau of Labor Statistics Employment Summary

U.S. Department of Labor for more information.

What's Next for Baby Boomers?

Every day, since January 1, 2011, more than 10,000 Baby Boomers have reached the age of 65, which will continue every single day for the next 15 years. The statistics below lead us to believe that they may want or need to look for continued employment opportunities:

Only 64% of private-sector workers have some type of formal retirement plan, and fewer than half sign up for one.
35% of Americans already over the age of 65 rely almost entirely on Social Security payments alone.
50% of Baby Boomers in particular income brackets are likely to run out of money within 10-20 years of retirement.

Many retirees are choosing to prolong their careers or enjoy retirement by mentoring, volunteering or working part-time jobs they really enjoy. Some are even reinventing their career path!

Click here for more information from Retirement.com.

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