Oklahoma energy sector continues to add jobs
Oklahoma’s unemployment rate stayed at 4.3 percent in April while its mining sector, which includes oil and gas, continued to add jobs.
The Oklahoma Employment Security Commission reported on Friday a preliminary estimate of unemployed in the state fell by just more than 1,400 for the month, while the number of employed grew by 480.
Lynn Gray, the commission’s director of economic research and analysis, said those data points were not significant enough to lower the unemployment rate from March’s number.
But, he did say he believes other information from the monthly update holds positive implications.
The numbers of Oklahomans who appear to be voluntarily leaving their last jobs is growing, suggesting residents are becoming more confident about the state’s economic conditions.
Also, the number of longterm unemployed dropped, as did the median and average numbers of weeks unemployed.
Last month, the average time a person was unemployed was 23.4 weeks. Now, it is 22.4 weeks, he said.
“We had some small improvement,” Gray said. “If we see that again next month, we’ll have another drop in the unemployment rate.”
Signs of strength
An economist Friday also indicated Oklahoma’s economy appears stable.
Mickey Hepner, dean of the University of Central Oklahoma’s College of Business, said the state remains “below water,” compared to the ongoing recovery, nationally.
But he also said indicators he follows — the amount of sales taxes collected both by the state and by select local municipalities — show Oklahoma’s economy is beginning to grow “at a relatively modest rate.”
Hepner said those sales taxes are showing some signs of strengthening the past two months, adding he expects Oklahoma’s businesses will add at least some jobs as the year continues.
“With each passing month ... we are seeing a stabilization of the state’s economy that started about six months ago,” he said.
Sectors adding jobs in Oklahoma in April were mining and logging (which includes the energy industry), manufacturing, professional and business services and wholesale trade.
Sectors shedding jobs in April were construction, retail, transportation, warehousing and utilities, leisure and hospitality, and heath care and social assistance.
Gray said Friday he’s encouraged by the latest numbers, saying the sectors with growing job numbers are significant drivers in the state’s economy.
“If we are going to be going into an economy that is growing, you are typically going to see those increasing,” he said.