Oklahoma Department of Commerce www.okcommerce.gov/data
Policy, Research & Economic Analysis
Oklahoma’s Economic Snapshot
OK’s May employment declined slightly by 1,900; however, April’s number was revised upward which kept OK’s year-over-year growth at 2.5%.
The net 38,200 job increase over the year maintains OK’s #2 ranking for job growth rate among states.
OK’s preliminary unemployment rate for May dropped another 0.2 points to 4.8%, ranking the state 5th lowest; only ND, NE, SD and VT were lower.
In manufacturing, OK lost 400 jobs in May; however, at a very robust 6.6% year-over-year growth rate, OK
kept its #1 ranking.
OK labor force continued to grow in May. Over the year, 27,633 have been added to the workforce ranking the state 4th in labor force growth rate. Unlike other states that have had a dip in the unemployment rate due to shrinking workforce, OK’s unemployment rate is moving downward with a growing number of people looking for employment.
The Oklahoma City MSA comprised the vast majority of that growth adding over 23,000 to the regional labor force. Over the year, the OKC MSA labor supply has grown by 4.1%.
While the Tulsa MSA has just reached its 2000 level, over the past year the region has had strong growth adding over 9,000 people for a 2.1% growth rate.