MIAMI COUNTY — In Miami County, unemployment is at 3.4 percent as of December 2019, down slightly from the 2018 unemployment rate of 3.9 percent, according to economic data compiled by the Federal Reserve Bank of St. Louis.
As of December 2019, Ohio’s state-wide unemployment rate was 4.2 percent, and the national rate was 3.5 percent, according to the Ohio Research Office, a state affiliate of the U.S. Census Bureau.
Total employment in Ohio is expected to increase 4.4 percent over the 10-year period from 2016 to 2026, with a projected gain of 253,300 jobs.
The state of Ohio’s comprehensive annual financial report, released by the Office of Budget and Management in 2019, states the U.S. economy expanded for the 10th consecutive calendar year in 2019.
Real gross domestic product increased at an annual rate of 2.3 percent during the 41 quarters ending in the third quarter of 2019, a much lower rate of growth than during previous long-lived expansions, the report states, adding that the trend growth in GDP has been declining for the past several decades.
Real final sales increased at a 2.1 percent annual rate during the period, also a much slower pace than prior expansions. Non-farm payroll employment has increased at an annual rate of 1.4 percent, and real disposable personal income has increased at an annual rate of only 2.5 percent, both also slower than the historical norms.
Inflation remained modest in 2019, according to the report. The Consumer Price Index (CPI) increased at an annual rate of 1.9 percent from the fourth quarter of 2018 to the third quarter of 2019, down slightly from a rate of 2.2 percent during the four quarters of 2018.
The core rate of inflation, as measured by the CPI, excluding food and energy, was little changed, at 2.4 percent for the most recent three quarters compared with 2.2 percent during the four quarters of 2018.
Labor markets across Ohio showed slow employment growth, the report states, which is consistent with a state economy that is nearing or at full employment. This is reflected in Miami County, as well.
Miami County has seen business growth in Piqua and Troy throughout 2019, according to the city’s chambers of commerce.
Piqua Area Chamber of Commerce President Kathy Sherman said the PACC welcomed 30 new business members and held 15 ribbon cuttings in 2019.
According to Troy Area Chamber of Commerce Executive Director Kathy Roetter, the TACC has seen a 30 percent increase in membership revenue in the past five years and currently represents 448 members.
In 2019, the organization performed 26 ribbon cuttings, and has already held four in 2020.
Ohio’s economy is likely to continue expanding, the annual financial report states, despite the stronger foreign exchange value of the dollar, the slowdown in growth overseas, and the tariff dispute with China and other trade disputes.