OKLAHOMA CITY – The latest unemployment rate in Oklahoma was pegged at 3.1% for four consecutive months, May through August. In comparison, the national unemployment rate was 4.3% in August, as reported on Sept. 19.
The annual percentage rate on a credit card is now 21.1%; it was 14.5% three years ago. Mortgage rates are above 6%.
A Bloomberg economy reporter wrote on LinkedIn that the U.S. unemployment rate is “still low by historic standards,” but the share of unemployed who have been out of work for half a year or more is “near a decade high,” excluding the pandemic years. “Job hopping is out and clinging to your job is in,” wrote Michael Sasso.
Oklahoma’s low jobless rate may increase soon, as Paycom laid off 500 workers last week and Starbucks announced several hundred store closings in the U.S. and Canada.
Paycom announced the layoffs last Wednesday and said the terminations “took effect immediately.” The job losses occurred in multiple departments and affected “only non-client- facing roles” which have been automated by artificial intelligence, the company reported in a statement.
Oklahoma City-based Paycom is responsible for management and payroll services for more than 30,000 organizations across Oklahoma and the world. The company reported $1.88 billion in revenue last year.
The company has experienced significant and sustained growth since it was founded in 1998.
The layoffs occurred during a period of record-low unemployment in Oklahoma City, which has maintained an unemployment rate below 4% for four consecutive years.
Meanwhile, Starbucks announced it is closing 444 stores in North America, with a focus on underperforming locations aimed at streamlining operations.
Reportedly, seven Starbucks locations in Oklahoma are to be shuttered. Those stores are in Oklahoma City, Norman, Edmond, Tulsa, Wagoner, Miami and Elk City.
CEO Brian Niccol indicated the company- operated stores are expected to decline by approximately 1% in Fiscal Year 2025, resulting in nearly 18,300 locations remaining across North America.