Hancock sales tax revenue rises

FINDLAY — Revenue from Hancock County's 1% sales and use tax rose 2% for the first eight months of the year, from the same period a year earlier, to $13.3 million, County Auditor Charity Rauschenberg said Tuesday. The 1% county sales tax historically has provided about 60% of county general fund revenue. It also is one bellwether for the economy. Another signal, unemployment, was less favorable in the July report from the Ohio Department of Job and Family Services. Hancock County's unemployment rate rose to 5.4% in July from 4.8% in June, the state reported. In July 2024, Hancock County's jobless rate was 4.4%. The August unemployment rate will be reported Sept. 23 by the Ohio Department of Job and Family Services. Economic conditions could start heating up in the coming months. That's because Jerome Powell, the Federal Reserve chairman, has signaled that the central bank is preparing to soon restart interest rate cuts. Though Powell has not guaranteed a reduction in borrowing costs at the Fed's meeting in two weeks, he has indicated a cut is likely. With borrowing costs weighing on the economy, the labor market softening and inflation risks contained, "the shifting balance of risks may warrant adjusting our policy stance," Powell said.