Economists tell governor that Ohio’s economy is stable, but recovery will be slow

Economists say Ohio will see slow recovery

COLUMBUS, Ohio — Economists who advise Gov. Ted Strickland say the forecast for Ohio’s economy is stable, yet the state and the nation will continue to experience a slow recovery.

Strickland’s Council of Economic Advisors released their forecast Wednesday. The group predicts that Ohio’s unemployment rate will reach 11 percent in fiscal year 2010, followed by a slight drop to 10.5 percent in 2011.

The forecast was based on proprietary information from Ohio’s largest companies. The report said that the economy has yet to show consistent, positive signs of recovery, in part because of slow consumer spending and the lack of access to credit for businesses.

The most current state unemployment figures show that Ohio’s rate was 10.5 percent in October.