Oklahoma was one in every of seven states with a better unemployment rate in November than a yr earlier, and its rate has gone up prior to now yr greater than some other state, 0.6%, in accordance with the Bureau of Labor Statistics.
Oklahoma’s employment image was little modified in November because the jobless rate remained at 3.4% and complete employment decreased barely. But it was the primary month since July that the unemployment rate didn’t rise.
For subsequent yr, the Fed is projecting extra curiosity rate hikes, a slower economic system and better unemployment than it did three months in the past.
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As these policymakers attempt to tamp down inflation, additionally they downgraded their outlook for financial development in 2023 from the 1.2% that they had forecast in September to a puny 0.5% — as close to to a recession forecast as they have been prone to make.
What’s extra, they raised their expectation for the unemployment rate subsequent yr to 4.6% from 3.7% now.
All of which advised that the officers anticipate — or at the very least would settle for — an financial downturn as the worth of taming inflation.
The message the Fed was sending, stated Ryan Sweet, chief U.S. economist at Oxford Economics, was blunt: “We’re going to break something. We’re going to break inflation or we’re going to break the economy.’’
OKC and Tulsa unemployment rates rise over past year
Oklahoma’s unemployment rate of 3.4% in November was still below the U.S. rate of 3.7%. Utah had the lowest jobless rate last month, at 2.2%, while Nevada had the highest, at 4.9%.
November unemployment statistics for cities have not been released, but preliminary figures for October showed Oklahoma City’s unemployment rate was 3.3%, up from 2.5% in October 2021. Tulsa’s jobless rate in October was 3.5%, up from 2.9% in October 2021.
Total employment in Oklahoma in November, seasonally adjusted, totaled 1,187,135, down by 47 from October, according to the preliminary figures from the Oklahoma Employment Security Commission. There were 64,473 Oklahomans on the unemployment rolls last month, up by 900 from October.
The private sector average hourly wage in Oklahoma grew to $26.79 in November, up from $26.65 in October. The average hourly wage in the private sector was $25.21 a year ago in Oklahoma.
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Non-farm employment rose by 8,400 jobs in Oklahoma last month, with eight of the state’s “supersectors” including employees, in accordance with the OESC. The job development was largest in Professional and Business Services, which had 3,900 extra jobs final month than in October, adopted by Leisure and Hospitality, with a acquire of two,800 jobs.
Education and Health Services shed 1,300 jobs, and the class of Other Services had 700 fewer jobs in November than in October.
Year over yr, the Leisure and Hospitality sector has added 10,600 jobs in Oklahoma, and Trade, Transportation and Utilities has grown by 10,300 jobs. Government has added 3,800 jobs prior to now yr, with most on the native degree. State authorities jobs have dropped by 2.4% prior to now yr.
The Associated Press contributed to this report.
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