The U.S. Bureau of Labor Statistics is reporting that Oklahoma's unemployment rate ticked up again slightly in June, to 5.2% from 5.1% in May. This is the second consecutive month that the state's unemployment rate has increased (it was 4.9% in April). Just as concerning is the non-farm payroll data which showed a decline of 2,500 jobs in June. Since February the state economy has lost 4,300 jobs.
Yet some state officials still think that the state economy "remains on solid footing going forward."
Clearly they are wrong.
Digging deeper into the data though, one finds something else that is interesting: 50% of the jobs lost in the state the last 5 months have been government jobs...and that number rose to 88% in June just as the sequester really started taking effect. In short, Congress and state officials have been intent on shrinking the size of government. And they are doing so. As a result though, they are pushing Oklahoma's unemployment rate higher.
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