Oklahoma economic numbers
The Oklahoma Policy Institute has compiled some state economic numbers that confirm what we have reported several times in recent weeks. The Oklahoma economy is ourperforming the national economy, but is being dragged down by the recession. The complete report (.pdf file) is avaiable here.
January’s edition of “Numbers You Need” finds increasing signs that the national recession has now hit the Sooner State. Since September, Oklahoma’s unemployment rate has climbed from 3.8 percent to 4.7 percent, while the average weekly number of people filing initial claims for Unemployment Insurance benefits jumped 92 percent between September and November. State personal income in the third quarter of 2008 rose by a meager 0.2 percent. Rising costs combined with unemployment are contributing to a growing demand for Food Stamps and services such as TANF (Temporary Assistance for Needy Families) and SoonerCare health insurance.
Some other key findings reported in January’s Numbers You Need:
- The Consumer Price Index fell by 1.7 percent in November, the steepest drop in prices since 1947.
- Oklahoma’s economy has grown by 6.0 percent in the past 12 months, significantly above the national rate of 3.7 percent.
- The number of Oklahomans receiving Food Stamps rose for the sixth consecutive month in September.
- State revenue collections remain strong through the first six months of FY ‘08, with General Revenues 7.9 percent than in FY ‘08.
- More than one out of every five (21.0 persons) non-elderly Oklahomans was without health insurance in 2006-07.
Don Mecoy
Business Writer
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