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Ohio Economy Essay

653 Words3 Pages

When things are not doing well in the economy, many indicators such as unemployment, low GDP, and deficits in the balance of trade are some of the factors that can point out the nature of the economy (Hall, 5). Ohio is one of the states that is slowly undergoing such problems meaning that the situation of the current and future economy is not promising at all.
Impacts on Businesses and Employment
The situations that the Ohio is undergoing right now have effects on businesses as well as the work of its people, and I believe that if it continues, the future of the Ohio State will be unknown. When we look into the businesses, there is a decline in the sales profits and the revenues. Due to this, the manufacturer will be forced to reduce hiring new employees or will decide to freeze the process altogether. In an aim to reduce the money spent on costs and improve the bottom line, the manufacturers will stop acquiring new equipment, halt the roll out of the new products and curtail the development and the research (Cahill, 3). Due to weak sales and profits, the business will be forced to reduce the expenses on the ads and marketing. All these processes aimed to cut the cost will eventually affect the business in one way or another, and I believe that the customers will be at a …show more content…

Bureau of Labor Statistics, according to the analysis, the current unemployment rate is 5.1, and the business activities are stagnant with no major increase (U.S. Bureau of Labor Statistics, n.pag). However if the economy of Ohio will continue to fall, the companies will be forced to cut the number of workforces (Campello et al., 487). The productivity per the employee will increase, but their morale to work will reduce because they will be obliged to work for long hours. The work will be much harder, and the employers will fear to increase wages for the employees. However, the workforce will be working in fear of being laid off any

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