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Oklahoma job gains point toward improving labor market

By
Real Estate Agent with Century 21 MarkV

Unemployment rate drops across 75 of 77 Oklahoma counties

November unemployment fell in 75 of 77 counties, Oklahoma City, and Tulsa, according to state and federal statistics released Wednesday, suggesting modest, widespread improvement in the labor market.

The jobless rate in Oklahoma City's metro area slipped to 5.5 percent, compared to 5.8 October and 6.3 percent in November last year. In Tulsa and Lawton, November unemployment was 6.4 percent and 6.6 percent, respectively, down from 7.5 percent and 6.7 percent a year ago.

The report by the Oklahoma Employment Security Commission showed Oklahoma City gained 3,200 jobs from October to November, and 17,800 over the past year, including a collective 5.6 percent year-over-year increase in mining, logging, construction and manufacturing jobs. However, since November 2010 information jobs have fallen by 4.8 percent and government jobs by 0.3 percent.

Only two Oklahoma counties edged up in unemployment in November from October: Adair, from 6.8 percent to 6.9 percent; and Ottawa, from 5.6 percent to 5.8 percent.

The southeastern part of the state again saw the highest unemployment rates: Latimer County, at 10.1 percent, followed by Okmulgee at 9.1 percent and McCurtain at 8.8 percent. Western counties showed the lowest, including Roger Mills, 2.5 percent; Dewey and Ellis, both at 2.8 percent; and Harper, at 3.1 percent.

According to commission economist Lynn Gray, the monthly decline in metropolitan Oklahoma City's unemployment was caused by a large increase in employment, which spells good news for the local economy. Nine of the past 10 months have seen job gains, which he said is a "clear and evident" trend of an improving labor market.

"This was the best gain in employment for November that Oklahoma City has seen since before the recession," Gray said.

Steven Agee, dean of the Meinders School of Business at Oklahoma City University, said the real positive is that manufacturing has started to improve.

"All in all, it looks good," Agee said. "Of course, our very vibrant energy sector helped cushion the downtown from a few years ago."

Mike Yeo
3:16 team REALTY - Frisco, TX

That is great news to hear that unemployment has drop and in so many counties.

Jan 11, 2012 04:07 PM