First Quarter Economic Update - Things Could Be Worse

The Columbus MSA continued its better-than-average employment performance during the first quarter.  Although preliminary March statistics show that the region lost 4,600 jobs during the first three months of 2009, the 0.5 percent loss was less than one-third the 1.6 percent U.S. decline.  Employment growth in most individual sectors was also stronger than average.  The worrisome decline in transportation – a crucial sector for us – paused, with a net gain of 500 jobs (1.0 percent) .  Most other individual sectors turned in better-than-average performance, including retail, financial activities, and professional and business services, each of which registered small net gains locally while continuing to decline nationally.  Since the beginning of the recession in December 2007, the Columbus MSA’s job loss has been 1.9 percent – little more than half the 3.7 percent national average. Read the full quarterly economic update here.