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Leading indicators show jobs may grow in Akron metro area

By Jim Mackinnon
Beacon Journal business writer

The Akron-area job market may be one of the few things to show any heat so far this early winter.

Leading economic indicators for the two-county Akron metropolitan area suggest moderate jobs growth through the coming winter, according to the Ohio Department of Job and Family Services on Tuesday.

The index for Akron metro area — Summit and Portage counties — rose 0.2 points to 99.6 from October to November. The index a year ago was at 97.7. (The index has a base setting of 100 in 2000.)

Nonfarm jobs in Summit and Portage counties totaled 330,500 in November, up from 329,700 jobs in October and up from 326,300 in November 2012.

The leading index for all of Ohio was at 93.2 in November, the same as in October, and suggests at most weak job growth or job losses in coming months, according to the agency. The statewide index a year ago was at 92.1.

The National Composite of Leading Indicators for November rose 0.8 points to 98.3, the fifth consecutive month it has risen.

The November Akron metro index showed:

• Initial claims for unemployment insurance rose to 3,295 in November from October but were down from 3,617 a year ago.

• Average weekly hours for manufacturing rose to 43 in November from 42.6 in October and were up from 41.9 hours a year ago.

• The value of housing permits fell to $4.4 million in November from $11.3 million in October and was down from $7.6 million a year ago.

Elsewhere in Northeast Ohio:

• The Canton-Massillon index fell 0.1 points from October to 89.8 in November, suggesting either sluggish job growth or job losses in coming months.

• The Cleveland-Elyria-Mentor index stayed steady at 89.3, suggesting sluggish job growth or job losses in coming months.

Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com



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