OKLAHOMA CITY — Despite repeated hikes in interest rates over the past 18 months, joblessness in Oklahoma remains low and the state’s unemployment rate in August was a full percentage point below the national rate.
For the filing week that ended Sept. 16, the unadjusted number of first-time claims for unemployment benefits in Oklahoma totaled 1,055, a decrease of 136 from the previous week, according to the U.S. Department of Labor.
Advance data for the following week of Sept. 23 showed that the number of initial claims increased to 45, to 1,100.
The unadjusted number of continuing claims filed during the week of Sept. 16 totaled 9,239, a decrease of 291 from the previous week, the DOL reported. And the number of continuing claims in Oklahoma dropped again the week of Sept. 23, to 8,970.
Oklahoma’s unemployment rate stood at 2.8% in August, compared to the national rate of 3.8%, the U.S. Bureau of Labor Statistics announced.
The relatively low unemployment statistics indicate the U.S. may yet realize a “soft landing” even though the Federal Reserve has raised its benchmark interest rate 11 times since March 2022, to a current range of 5.25% to 5.5%, in an effort to rein in rising prices.
Although the job market remains strong, the Fed’s actions have significantly increased the costs of consumer and business loans and housing prices.
Mortgage rates are at a nearly 23-year high. The average rate on a standard 30-year fixed mortgage climbed to 7.31%, a recent Freddie Mac survey revealed.
Pump prices remain high, too, BLS data reflect, but not because of interest rates. Gasoline is now the largest contributor to inflation, accounting for more than half of the increase in August.
NerdWallet reported gasoline prices went up in August for two primary reasons:
• Crude oil prices are high largely because both Saudi Arabia and Russia have reduced their production. Both are part of OPEC+, which started cutting supplies of crude oil last year in order to shore up the market. When crude oil costs go up, gas prices do, too.
• High summer temperatures have made it more difficult for refineries to produce enough gasoline to meet demand.
The average regular gas price in the U.S. as of Sept. 26 was $3.838 per gallon, according to AAA, which tracks gas prices.
In Oklahoma, AAA reported, motor fuel prices per gallon on Sept. 30 averaged $3.591 for regular gas, $3.924 for mid-grade gas, $4.181 for premium gasoline, and $4.235 for diesel.