Mentor's Unemployment Rate Drops For Second Consecutive Month
The rate has not been this low since last November
The city of Mentor's unemployment rate has dropped to its lowest point since November 2011.
The city's rate in August was 5.3 percent -- down from 5.6 percent in July and 5.8 percent in June.
This matches the 3-year low it reached in the October and November of 2011.
By comparison, the Mentor's unemployment rate was 6.5 percent in August 2011.
Meanwhile, Lake County's unemployment rate dropped from 6.2 percent in July 2012 to 6 percent in August.
During the same span of time, the state of Ohio's unemployment rate dropped from 7.4 to 6.8 percent.
The city of Mentor continues to have the lowest unemployment rate for any community in Ohio with a population of more than 50,000 and is tied with Medina for fourth lowest of any of the 65 cities for which unemployment numbers are calculated.
Mentor's unemployment rate peaked in January and February of 2010 at 8.7 percent.
Brian P.
11:27 am on Wednesday, September 26, 2012
Is that measured by the number of people collecting unemployment compensation? What if their benefits ran out and they are not eligible anymore and are off of unemployment. Would that effect the stats? Just curious..
Kathie
1:58 pm on Wednesday, September 26, 2012
The report is compiled by the state of Ohio and released monthly. It, along with other economic factors, like help wanted signs and new businesses opening in Mentor, are good indicators to support that Mentor is doing better than surrounding communities. However, there is always room for improvement.
Brian P.
2:22 pm on Wednesday, September 26, 2012
It would be nice to see a source for the data since Jason published actual stats. Maybe the source can explain how it is compiled. With benefits running out before residents find a job for so many unemployed or underemployed (my wife is one of them), it can't lower the unemployment rate, or can it? That's my question, I guess. It is simply measured by the folks signing up and/or that are currently on the state's unemployment program? I agree that Mentor is doing better than it was, like you said, you can just look around and see, but signage and new business openings can't be a factor to produce actual numbers that Jason produced here. Like I said, I'd just like to see how the numbers are produced to see how accurate they are. Jason?
Jason Lea
3:36 pm on Wednesday, September 26, 2012
Forgive my belated response. I've spent much of the day covering a murder trial. The information comes from the Ohio Department of Job & Family Service. I have attached a press release from the City of Mentor regarding this information.
Kathie
3:44 pm on Wednesday, September 26, 2012
Unfortunately, the city does not have a comprehensive knowledge of how the Ohio rates are compiled or calculated, but Brian P. is correct in his assertion.
The fact that fewer people are looking for work, does drop the unemployment rate, regardless if it is because of employment or having unemployment benefits exhausted. This is called the Civilian Labor Participation Rate and the rate has decreased. In essence, many have given up, or their benefits are done. This takes them out of the total pool of workers. For more details about the Civilian Labor Rates visit the following links.
http://ohiolmi.com/laus/current.htm
http://ohiolmi.com/laus/Ohio-US_EmploymentSituation.pdf
Brian P.
4:21 pm on Wednesday, September 26, 2012
Thanks Jason and Kathie for the follow up responses and for the sources. I understand now.