Evidence throughout the nation signals the economy is beginning to emerge from a steep recession. We’re seeing encouraging signs in Ohio’s manufacturing sector, particularly in auto and steel. Consumers are still hesitant in their spending, and as a result, we are seeing some softness in sales tax revenues.

Nationwide, job losses were widespread across all sectors. More than half of the new jobs in the professional and business services category were created through temporary help agencies. The incidence of unemployment remains severe with a new all-time national high of 28.5 weeks. For Ohio, unemployment is hovering at about 10.6% statewide.

Revenue receipts are still right on target for the sixth month in a row and spending continues to remain at our below estimated levels. . This month’s supplement on the American Recovery and Reinvestment Act indicates that of the $8.2 billion that the state is expected to receive during this three-year program, approximately $2.55 billion has been received and $2.49 billion has been expended.