Economic Reports for
Cuyahoga County & Metro Cleveland
Metro Cleveland's Employment & Labor Force Rebound Has Stalled 30,000-40,000 Below Pre-Pandemic Levels (May 2023)
A Smaller Economy Permanently?
Metro Cleveland's employment was 994,700 in May 2023, about 17,200 better than a year ago, but still 31,100 worse than the pre-pandemic level. The labor force increased by 6,700 to 1,034,400 since May 2022 but it remained 48,700 below the pre-pandemic level. Unemployment was 39,700 about 10,500 better than a year ago. The unemployment rate was 3.9%, a point lower a year earlier but the favorable rate is somewhat misleading. The smaller labor force, not strong employment, was a major factor in the low unemployment rate. Overall, Metro Cleveland's economic growth remains weak and below pre-pandemic levels. The smaller employment and labor force levels may represent a permanent contraction of the Metro Cleveland economy.
Economic Overview of Metropolitan Cleveland & Akron
Presented to Educational Service Center NEO Business Advisory Council (Feb 3, 2023)
The presentation is an in-depth look at the impact of Covid on the seven-county Cleveland-Akron metropolitan area for a group of educational administrators. It analyzes long-term economic trends & provides a post-pandemic economic outlook.
Cuyahoga Employment & Labor Force Still Below Pre-Pandemic Levels, But Unemployment Is Low (Dec 2021)
Cuyahoga County's economy has not recovered to pre-pandemic levels as many potential workers have not rejoined the labor force.
Employment was nearly 560,000 in December 2021, 31,400 lower than in Feb. 2020 (591,200) and 18,200 below the 2018-19 average (578,000). Unemployment was 24,100, much lower than historical levels and the average of 30,000 in 2018-19.
The unemployment rate of 4.1% in December 2021 was below the 2018-19 average of 4.9% but the favorable level disguised a big decrease in the estimated labor force. From Feb. 2020 to April 2020, the labor force contracted by 39,200. Since that time, the labor has contracted by another 2,400 to 583,900. The unusual contraction leaves the labor force 41,600 below Feb 2020.