Oklahoma Labor Economy Remains Strong

The US labor market remains peculiarly strong despite attempts by the US government to reel in inflation with continual rate hikes. In total, the US added 315,000 and surpassed our previous payroll peak in 2020 (pre pandemic).

Despite predictions, the US labor economy remains hot as reported by the Fed this month.  Oklahoma echoed national job trends, lowering the state’s unemployment by 0.4 percentage points in August to 3.1 percent from August 2021 and adding 46,600 jobs from this time last year. The strong jobs report both nationally and statewide is also shown here in Tulsa with the city adding around 1,500 jobs and nearing a nonfarm employment total similar to our June 2022 metrics – growth in information, government and leisure and hospitality industries captured the majority of last month's job growth. These job figures present a positive sign of economic resilience in the face of diminishing economic growth and uncertainty.