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Economic indicators up 0.8% in Toledo area

Economic indicators up 0.8% in Toledo area

Data released Tuesday show that metro Toledo's leading economic indicators were up more than in Ohio as a whole, but the area still lags the state's index and six of the state's seven other metro areas.

The Ohio Department of Job and Family Services said the index rose 0.8 percent to a preliminary March reading of 87.8 in metro Toledo, suggesting relatively strong employment growth through spring despite a net job loss from February to March.

Among the nuggets of good news were fewer initial claims for unemployment benefits and a higher value of housing permits.

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The state index factors employment, initial jobless claims, average weekly hours in manufacturing, and valuation of housing permits for the state and the state's eight largest metro areas. Officials use figures from 2000 as a baseline for 100. The state index rose 0.2 percent to 91.4.

Toledo's 0.8 percent increase tied for best in the state, matching the Canton-Massillion and Youngstown-Warren-Boardman metro areas.

Dayton was the poorest performer, rising 0.2 percent, and remains the worst-scoring metro in the state at 86.6. Columbus (101.0), Cincinnati (98.6), and Akron (97.5) lead the state.

For the Toledo area, the Job and Family Services data show 2,851 initial claims for unemployment benefits in March, down 5.4 percent from February and 11.3 percent from last March. Another point of good news: The area's valuation of housing permits rose to $13.7 million, up 23.7 percent from February and up nearly 89 percent year-over-year. Average weekly hours for manufacturing were up 1 percent in March to 41.5.

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The national composite index of leading economic indicators was up 0.3 percent in March to 95.7, which signals continued economic momentum.

First Published May 16, 2012, 4:00 a.m.

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