OKLAHOMA CITY (AP) — Oklahoma’s unemployment rate held steady last month at 3.4% and the state’s economic slowdown is projected to continue in 2020, state officials reported Friday.
Oklahoma’s 3.4% seasonally adjusted unemployment rate remains just below the national average of 3.5%, the Oklahoma Employment Security Commission said.
Oklahoma’s unemployment rate has slowly increased from a rate of 3.1% last year, and state officials project that slowdown to continue. State Treasurer Randy McDaniel released economic projections on Friday that suggest continued weak job growth through much of 2020, due in large part to a slowdown in oil and gas activity.
McDaniel cited one economic forecast that oil and gas drilling activity will begin to recover this year, but that job growth will remain virtually unchanged.
A state panel last month certified a projected flat budget of $8.3 billion available for the Legislature to appropriate this year.