Ohio, sometimes referred to as the “Mother of Modern Presidents” was the birthplace of seven U.S. Presidents. Ohio was also the birthplace of other notable American figures including Annie Oakley, Neil Armstrong, Clark Gable and Steve Spielberg. In addition, the state is home to both the Rock and Roll Hall of Fame and the Pro Football Hall of Fame.
Ohio closed out 2015 with a state-wide unemployment rate of 4.6, lower than the national average of 5.0. However, the state saw a notable rise in their unemployment rate in January (up to 5.7). The rate has been falling back toward its low of last year since then and had reached 4.8% at the end of April. At the beginning of 2016, Ohio was one of only three states that still had an outstanding Title XII loan from the federal government. However, the state announced just last month that they will use state funds to pay off the remaining balance of the loan this year. This will mean that FUTA taxes for Ohio employers in 2016 will be dropped back down to the normal rate of $42 per employee. This is a significant drop from the $168 per employee they had been paying. The next step for the state will be to begin rebuilding a positive balance in their state unemployment trust fund.
The taxable wage base in Ohio is just $9,000, substantially lower than the national average of $17,700. The state also has a comparatively low average tax rate for employers at 2.62% (as a percentage of taxable wages). The maximum duration of unemployment payments in Ohio is currently 26 weeks, which is the case for the vast majority of states. The maximum weekly benefit amount that unemployment claimants can collect is $587, and the maximum total benefit amount is $15,262.
US. Bureau of Labor Statistics, Unemployment Rate in Ohio [OHURN], retrieved from FRED, Federal Reserve Bank of St. Louis https://research.stlouisfed.org/fred2/series/OHURN, June 14, 2016.