A statewide jobs report released by the Oklahoma Employment Security Commission shows Oklahoma’s economy is improving slowly but steadily.
Economist Lynn Gray with the Commission said the December jobless rate dropped one-tenth of a percent to rest at an even 5 percent.
“It was also the third straight month of improvement,” said Gray in an interview with OK Energy Today. “The rate stood at 5.3% in September 2016 but was only 4.1% a year ago.”
He pointed out that initial claims for unemployment insurance for the four weeks ending Dec. 31, 2016 were 22.3% below levels set a year earlier.
The state said the preliminary estimation of payroll jobs in Oklahoma increased to 1,657,500 in December. That’s an increase of 3,000 over-the-month but down 5,600 when compared to last year.
What’s behind the slight improvement? Gray indicated it’s likely the stronger national economy which “is dragging Oklahoma along.”
His report indicated “a rather unexpected contraction” in Mining and Logging which includes the oil and gas sector. It declined 1,200 jobs while Professional and Business Services fell by the same number.