11.23.22 – Chris Casteel – Oklahoman
Oklahoma’s unemployment rate rose for a third straight month in October, reaching the highest level in over a year.
The state unemployment rate was 3.4% in October, up from 3.2% in September and 3.1% in August, according to figures released last week by the U.S. Bureau of Labor Statistics. The rate was 2.7% in January and reached a 2022 low of 2.6% in February. The rate was 3.5% in August of 2021, but has been lower since.
There were 63,546 Oklahomans on the unemployment rolls in October, up from 60,476 in September.
Oklahoma was among 24 states that saw a higher jobless rate in October than in September, while only one state had a lower rate and the rest were stable, according to the bureau. Minnesota and Utah had the lowest rates at 2.1% in October.
The District of Columbia had the highest rate, at 4.8%, while Illinois and Nevada had rates of 4.6%. The national unemployment rate in October was 3.7%.
In Oklahoma, the leisure and hospitality industry shed 2,700 jobs in October, and professional and business services reported a decrease of 2,300 jobs, according to the Oklahoma Employment Security Commission. Meanwhile, the education and health services sector added 1,700 jobs, and construction added 1,000 jobs in the month.
Year over year, the category of trade, transportation and utilities was up 10,200 jobs, and leisure and hospitality was up 7,700 jobs.
Non-farm employment in Oklahoma fell by 3,800 jobs from September to October, but was still up 35,500 from October 2021.
The average wage from September to October grew by 15 cents to $26.65. That was up from $25.14 from the previous October.
The labor participation rate was unchanged at 60.6% in October in Oklahoma, compared to a national rate of 62.2%.
In a separate report last week, the Bureau of Labor Statistics showed job openings in Oklahoma increased by 2,000 in September, compared to August, and stood at 123,000. That was down from 128,000 openings in July and 133,000 openings in June.
There were 60,476 Oklahomans in the ranks of the unemployed in September, so there were more than twice as many job openings in that month as jobless Oklahomans.