Oklahoma businesses and governments hired more than 47,000 workers in 2022, but the unemployment rate rose last year as more people sought work.
The latest state-by-state unemployment figures from the US Bureau of Labor Statistics were released on Tuesday.
Earlier this month, the bureau released statistics on job openings in each state in November, showing that there are still far more openings in Oklahoma than there are job seekers.
Here’s what you should know:
More workers in Oklahoma
The state ended 2022 with a seasonally adjusted 1,702,600 workers on nonfarm payrolls. That was up from 1,655,200 in December 2021. The increase was 2.9% year-on-year. Total non-farm employment was 1.625 million in December 2020; in December 2019 it was 1.705 million.
Employment in the state grew by about 5,000 workers year on year, with about 350,000 people employed in this sector – the largest in the state – at the end of the year. Annually, 10,000 jobs were created in leisure and hospitality, 7,000 in education and healthcare; Trade, transportation and utilities — the largest non-government sector with 327,000 workers — added nearly 10,000 jobs; Financial activities added about 3,000 jobs; Professional and Business Services less than 1,000 added; Construction has added more than 3,000; Manufacturing added 5,000; and mining and logging added about 3,400.
“Oklahoma’s impressive job growth and our recent ranking as the nation’s third fastest-growing economy are a direct result of Governor (Kevin) Stitt’s pro-business and pro-liberty policies,” said Kate Vesper, Stitt spokeswoman.
During the year, seasonally adjusted unemployment also rose by 10,979 people — 21% — year-on-year to 63,636 in December.
Nationwide, the economy created 4.5 million jobs in 2022.
More:Oklahoma’s unemployment rate has risen and the Fed expects higher unemployment in 2023
unemployment rate
The unemployment rate remained at 3.4% for the third straight month. That’s up from 2.8% in December 2021 and the highest since August 2021, when it was 3.5%.
The unemployment rate reached 12.5% at the start of the pandemic in April 2020 but had fallen to 2.6% in February 2022. The unemployment rate is now around what it was before the pandemic, when it was just above 3% for several months.
Utah had the lowest unemployment rate in the country at 2.2% last month. Nevada had the highest value at 5.2%.
President Joe Biden said Tuesday, “Today’s state unemployment rates provide even more reason for optimism across the country. We’re seeing record lows from Pennsylvania to South Dakota to Alaska. 38 states now have unemployment rates of 4 percent or less, including 15 states with unemployment rates of 3 percent or less.”
The national unemployment rate was 3.5% in December.
More:Oklahoma’s economic growth is among the highest in the country
Vacancies, Hiring and Terminations
The latest job listings from the Bureau of Labor Statistics show that Oklahoma continues to have about twice as many job openings as job seekers.
In November, there were 132,000 job openings in Oklahoma, while 64,473 people were unemployed. Job vacancies were 10,000 higher than in November 2021.
About 82,000 people were hired in Oklahoma in November, compared to 85,000 in November 2021.
In November there were a total of 77,000 separations, with 57,000 people quitting their jobs. Layoffs and layoffs in November were 16,000. Layoffs and layoffs were below November 2021 levels of 19,000.
Wages rise
Oklahoma’s median private sector hourly wage increased to $26.94 in December, up from $25.32 in December 2021. This 6% increase compares to a 7% year-on-year increase in the CPI in the southern region.
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