Ohio’s economic recovery likely to be a slow process

COLUMBUS, Ohio (WDTN) – During Tuesday’s briefing, Lt. Governor Jon Husted addressed concerns about how long it will take for the state’s economy to bounce back.

While he didn’t have an estimate on the dollar amount, he says the unemployment rate is a clear indication that the situation is dire.

The most recently-reported national unemployment rate was 14.7 percent last week. Lt. Governor Husted says the second quarter this year could be one of worst on record, but he adds that as the state starts to reopen, the national and international economies should start to recover.

He said no one knows how long it will take, but one of the last indicators of economic growth is expected to be hiring, adding that employers need to feel confident before they’ll start to rehire, but that could take quite a while.

From a budgetary point of view, the coronavirus could impact the state budget into 2021 and beyond.

Husted says we have to first focus on a smart reopening in order to build employee and consumer confidence, but it will be a slow process.

“Employers need to feel confident of their financial situation before they begin the process of bringing people back to work. So we know that hiring will be a slower process, it always is. So it will take quite a while to recover from this economically,” he said.

The national unemployment rate is expected to climb again when new numbers are released Thursday.

Husted says it could be as high as 20 percent by the end of the month.