State unemployment rates improve, but not OKC’s

Both Oklahoma City and Tulsa have fewer jobs this year than they did a year ago.

But in a year-over-year comparison, the Tulsa Metropolitan Statistical Area unemployment rate dropped a tenth of a percentage point, from 5.1 percent in February 2016 to 5 percent in February 2017, while Oklahoma City’s remained steady, at 4.3 percent.

Across most of Oklahoma, unemployment statistics improved, the latest unemployment and jobs data from the Oklahoma Employment Security Commission show.

A significant number that economists might focus upon when gauging the health of the state’s economy involves the four-week moving average for initial unemployment claims.

The metric, released April 5, was 29.6 percent lower than it was the same time a year ago, said Lynn Gray, the commission’s director of economic research and analysis.

“That’s a good number, and we are seeing it as well in the money that’s flowing out of the trust fund,” Gray said.

Later this year, the agency will evaluate the health of the fund used to pay unemployment claims.

That evaluation involves calculating how much money the fund contains and looking at how much it has been having to pay out to handle unemployment claims during the preceding five years.

When the fund has less money and is paying out more, then companies typically have to pay in more to support it.

“The trust fund is in good shape right now,” Gray said.

Gray noted that data continues to show unemployment percentages are improving in most parts of the state, year over year.

He said that particularly was true for western Oklahoma counties, mentioning a few that had seen their unemployment rates drop by nearly 2 percent in that time. He also noted the state saw improvements in 55 of its counties.

“We are beginning to see a pick up in employment out there, and seeing a nice decline in some of these rates,” he said.

However, in counties making up Oklahoma City’s Metropolitan Statistical Area, year-overyear unemployment percentages climbed slightly.

While job numbers declined in Oklahoma City and Tulsa, they grew slightly in Enid and more so in Lawton, year-over-year.

In Oklahoma City’s MSA, the adjusted unemployment rate was 4 percent in January, while the preliminary unemployment number in February showed an increase to 4.3 percent.