Recession's toll on area nearly $500M

Prizinsky, David
September 2003
Crain's Cleveland Business;9/29/2003, Vol. 24 Issue 39, p1
The recession of the past two years has taken a toll of nearly a half-billion dollars on the paychecks of Northeast Ohio residents. Heavy job losses, especially in manufacturing, plus negligible pay raises for employed workers caused aggregate pay in Cuyahoga and the six contiguous counties to fall by $479 million from the first quarter of 2001 to the first quarter of 2003. The data, compiled by the Ohio Department of Job and Family Services for a period that roughly coincides with what economists say was the beginning and end of the recession, put stark dollar figures on the economic pain felt throughout Northeast Ohio.


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