U.S. economic output-as measured by inflationadjusted gross domestic product, or real GDP-fell more than 4 percent from the end of 2007 to the middle of 2009. One of the hardest-hit industries was manufacturing, which, as you well know, is important to Ohio. The unemployment rate peaked at 10 percent nationally, and it reached 11 percent here in Ohio.
U.S. nonfarm payrolls shrank by 8-1/2 million jobs during 2008 and 2009, or about 6 percent of the national workforce. Over that same period, Ohio lost more than 400,000 jobs, or 7-1/2 percent of the state’s employment.