Oklahoma's economic snapshot, 10/2012

              Oklahoma Department of Commerce www.okcommerce.gov/data
Policy, Research & Economic Analysis
Oklahoma’s Economic Snapshot
October 2012
Employment
 September preliminary data shows OK payroll employment dropped 3,700; however, August employment was revised upwards by 2,000 keeping the state’s current payroll employment above the pre-recession high.
 OK’s 2.5% growth rate over the past 12 months puts OK at a #3 ranking among states.
 Since January 2012, OK has gained 31,400 jobs and since January 2011, 57,600.
 OK’s preliminary unemployment rate for August inched upward for the 3rd straight month to 5.2%, but the state remains at the 4th lowest spot.
 In manufacturing, OK gained 700 jobs. At a 6.1% growth rate over the past 12 months, OK ranks #2 among states. Over the same period, 20 states had no manufacturing growth or loss. Since January 2011, OK has gained over 13,000 manufacturing jobs for a 10.5% growth rate which ranks the state #1 for that time period.
Labor Force Participation Rate (CPS data)
Labor force which grew by nearly 14,000 was a strong positive indicator in September. Also, unemployed increased by only 2,800, demonstrating that a vast majority of those entering the workforce were able to find employment quickly. However, there is another aspect of the workforce that demands our attention and that is the participation rate (LFPR), those over age 20 and actively working or looking for work. Over the past year, OK’s average rate was 64.6%; yet, there is over a 30 percentage point difference between those who hold a bachelor’s degree and those without a high school diploma. Looking at the population by educational level, one can see that households with post-secondary education perceive much more economic opportunity than those without. As nearly 3 out of 4 of OK’s new jobs created from 2010 to 2020 will require a degree or certificate, OK’s households appear to be correct.