OKLAHOMA CITY – First-time unemployment claims have fallen to pre-pandemic levels for most of the past three months.
The Oklahoma Employment Security Commission reported that initial claims and continued claims increased slightly during the week ending Feb. 12. The unadjusted number of initial claims that week totaled 1,740, an increase of 21 from the previous week. The number of continued claims totaled 12,720, an increase of 31 from the previous week.
In comparison, new unemployment claims filed during the seven-week period of February 1 through March 14, 2020, averaged 1,642 per week. By the end of the week of March 16-21, the number of initial claims had multiplied almost eleven-fold to 17,720, OESC ledgers reflect.
First-time unemployment filings in Oklahoma peaked in early May 2020, when 93,885 claims for jobless benefits were logged, the OESC reported.
Before arrival of COVID-19 and the collapse in the energy industry, triggering massive job losses, no more than 2,000 first-time jobless claims were being filed weekly in Oklahoma. Prior to the coronavirus pandemic, the previous highest week for initial claims was 9,778 for the week ending Jan. 12, 1991, OESC ledgers extending back to 1987 reflect.
For the week ending Dec. 18, 2021, Oklahoma’s Unemployment Insurance Trust Fund balance was approximately $203 million. During that same week, OESC paid out $2.7 million in unemployment benefits – the lowest weekly payout since before arrival of the pandemic, OESC spokesman Nick Buscemi said.
“As we continue to hit historic lows for claims volumes, some volatility should be expected in the numbers we report weekly,” OESC Executive Director Shelley Zumwalt said. “Oklahoma’s economy continues to flourish with low unemployment rates and high workforce participation.”
Nationwide, the number of Americans drawing unemployment benefits fell to a 52-year low last month.
The advance figure for seasonally adjusted initial claims for the week ending Feb. 19 was 232,000, a decrease of 17,000 from the previous week, the U.S. Department of Labor reported. The four-week moving average for claims, which compensates for weekly volatility, was 236,250, which was 7,250 fewer than the week before.
By the week that ended Feb. 5, a total of 1,476,000 Americans were collecting jobless benefits, the lowest level since March 14, 1970, the government reported.
The Labor Department reported a surge of hiring in January, as employers added 467,000 jobs. Concurrently, inflation has climbed to a 40-year high: 7.5% year-over-year.
Oklahomans seeking to re-enter the job market are advised to visit the website https://okjobmatch.com/.
Claimants looking for work who need child care assistance are encouraged to use the Oklahoma Department of Human Services’ 60 days of subsidized child care by visiting https://okdhslive.org/.