Monday, November 30, 2020

Oklahoma ends 2019 with economic slowdown

The Oklahoma City Branch of the Federal Reserve of Kansas City has released its latest issue of the quarterly publication, the Oklahoma Economist.

Oklahoma’s economy grew solidly for the first half of 2019. In recent months, several broad economic indicators have shown weaker results, as a sizable downturn in the state’s important energy sector appears to be affecting economic growth in the state overall, according to Chad Wilkerson, branch executive, vice president and economist at the Oklahoma City Branch of the Federal Reserve Bank of Kansas City.

“The pace of Oklahoma’s non-farm job growth has slowed steadily in 2019, and employment in the state now is up only slightly from a year ago,” he said. “Along with the slower job growth, the state has seen an elevated level of new claims for unemployment insurance. For much of 2019, new claims have been running near their 2015-16 levels.”

Wilkerson said tax revenues in Oklahoma also have slowed in 2019.

To read the complete issue, visit https://www.kansascityfed.org/publications/research/oke.