2012-08 eonomic snapshot 1 |
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Oklahoma
Department
of
Commerce
www.okcommerce.gov/data
Policy,
Research
&
Economic
Analysis
Oklahoma’s
Economic
Snapshot
August
2012
Employment
• OK’s
June
employment
grew
modestly,
regaining
the
500
jobs
that
were
lost
in
May,
which
resulted
in
a
net
gain
of
40,800
over
the
past
12
months.
• OK’s
2.6%
growth
rate
ranks
#3
among
states.
• OK’s
preliminary
unemployment
rate
for
June
dropped
yet
another
0.1
point
to
4.7%,
ranking
the
state
4th
lowest
tied
with
VT;
only
ND,
NE,
and
SD
were
lower.
OK
has
the
lowest
unemployment
rate
of
any
state
with
a
population
over
2
million.
• In
manufacturing
payroll,
OK
has
remained
steady
over
the
past
several
months.
While
the
state’s
growth
rate
in
the
industry
has
slipped
to
5.0%
over
the
year,
it
is
still
much
stronger
than
the
national
manufacturing
growth
rate
of
1.9%.
Location
Quotient
• A
location
quotient
(LQ)
is
a
way
to
quantify
how
concentrated
an
industry
is
in
a
region
when
compared
to
a
larger
geographic
area,
such
as
a
state
to
the
nation.
LQs
can
be
used
to
distinguish
which
industries
make
the
regional
economy
unique,
identify
the
most
export-‐oriented
industries,
and
provide
essential
data
for
determining
clusters.
• OK’s
highest-‐ranking
LQ
industries
are
predominately
energy,
transportation
and
agriculture
oriented.
As
a
note
for
the
graph
below,
a
LQ
equaling
1.0
signals
an
equal
industry
concentration
to
the
US
economy
and
measures
of
2.0
or
greater
are
considered
very
strong.
Object Description
Description
| Title | 2012-08 eonomic snapshot 1 |
| Full text | Oklahoma Department of Commerce www.okcommerce.gov/data Policy, Research & Economic Analysis Oklahoma’s Economic Snapshot August 2012 Employment • OK’s June employment grew modestly, regaining the 500 jobs that were lost in May, which resulted in a net gain of 40,800 over the past 12 months. • OK’s 2.6% growth rate ranks #3 among states. • OK’s preliminary unemployment rate for June dropped yet another 0.1 point to 4.7%, ranking the state 4th lowest tied with VT; only ND, NE, and SD were lower. OK has the lowest unemployment rate of any state with a population over 2 million. • In manufacturing payroll, OK has remained steady over the past several months. While the state’s growth rate in the industry has slipped to 5.0% over the year, it is still much stronger than the national manufacturing growth rate of 1.9%. Location Quotient • A location quotient (LQ) is a way to quantify how concentrated an industry is in a region when compared to a larger geographic area, such as a state to the nation. LQs can be used to distinguish which industries make the regional economy unique, identify the most export-‐oriented industries, and provide essential data for determining clusters. • OK’s highest-‐ranking LQ industries are predominately energy, transportation and agriculture oriented. As a note for the graph below, a LQ equaling 1.0 signals an equal industry concentration to the US economy and measures of 2.0 or greater are considered very strong. |
| Date created | 2012-08-31 |
| Date modified | 2012-08-31 |