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It peaked at 9.1% annual rate in June 2022 and has been trending lower since with the annual inflation rate at 3.2% in October, according to federal inflation data.
The economy of Ohio nominally would be the 20th largest global economy (behind Turkey and ahead of Switzerland) according to The World Bank as of 2022. [8] The state had a GDP of $822.67 billion in 2022, which is 3.23% of the United States total, [9] ranking 7th in the nation behind Pennsylvania and ahead of Georgia. [10]
It hiked rates by 525 basis points in 2022 and 2023 to curb a surge in inflation. There was a temporary respite for the housing market, which has borne the brunt of aggressive policy tightening.
In November 2022, the year-over-year inflation rate was 7.1%, the lowest it has been since December 2021 but still much higher than average. [156] Inflation is believed to have played a major role in a decline in the approval rating of President Joe Biden, who took office in January 2021, being net negative starting in October of that year. [157]
Prices in the US rose 2.6% over the 12 months to October, driven by more expensive food and groceries.
The S&P 500 peaked for the year at 4,796 on its January 3, 2022 close, before declining 25% to its low for the year in October 2022. [11] [12] In the first 6 months of 2022, the S&P 500 fell 21%, the worst 6-month start to a year since 1970. [13] [14] On September 13, 2022, the S&P 500 declined by 4.32% in its largest single-day drop since June ...
Ohio’s 2022 minimum wage increase wasn’t triggered by a specific decision by voters or the government. Instead, it is the result of a 2006 law that automatically ties minimum wage to inflation.
After voting for President Barack Obama in both 2008 and 2012, Ohio has trended increasingly Republican in subsequent years and is now considered a moderately to strongly red state at the federal and state level. Republicans control all statewide offices, majorities in both chambers of the state legislature, and hold both Senate seats.