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.
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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 |