Oklahoma Economy Stable Despite National Troubles

By John Cope

While the U.S. economy continues to struggle with stock prices plummeting and a weak housing market, the Oklahoma economy is not experiencing the same difficulty in the short-term.

The Oklahoma Department of Commerce's October 2008 Employment Briefing reports that the Oklahoma economy has actually gained more than 12,000 jobs over the past year, despite the national economy losing over half a million jobs in the same time span.

The briefing can be found here. (For best results in viewing the link, use Firefox.)

The numbers presented by this briefing suggest that the Oklahoma job market is not being adversely affected by the problems experienced by the national economy. Whether this holds true in the coming months is uncertain, but for now the Oklahoma job market appears relatively solid despite the turmoil in the national economy.

Oklahoma has the sixth-lowest seasonally adjusted unemployment rate in the nation at 3.8 percent, according to the briefing. The unemployment rate has actually decreased since September 2007 despite troubles in the national economy. The national seasonally adjusted unemployment rate is 6.1 percent.

Other states surrounding Oklahoma have also not been as affected by the downturn in the national economy. The region as a whole has experienced an increase in jobs over the past year.