Strong report released for May economic indicators

Strong report released for May economic indicators

State Treasurer Randy McDaniel has announced Oklahoma’s May receipts of $1.1 billion are 10.6 higher than collections from the same month of last year and mark a 26th consecutive month of expansion. Receipts from the past 12 months, at $13.5 billion, are up by 12 percent over the prior period. Both reports set record highs. While Oklahoma receipts are looking up, as a whole, the nation has added less jobs than expected. The U.S economy added 75,000 jobs in May, the Labor Department reported Friday in their EmploymentSituation Report, falling short of expectations by nearly 100,000 jobs. Economists expected the U.S. to add roughly 185,000 jobs in May after a massive gain of more than 200,000 in April. But employment growth fell well short of that mark last month, though the unemployment rate and labor force participation rate stayed even at 3.6 percent and 62.8 percent, respectively. The Labor Department also revised down March’s gain from 189,000 to 153,000 jobs, and April’s from 263,000 to 224,000 jobs. The revisions shave 75,000 jobs off the books for 2019. Average monthly job gains have slowed to 164,000 in 2019 from 223,000 in 2018, while wage growth was effectively flat in May. The jobs report included one bright spot: A broader measure of unemployment that includes people wanting to work but not seeking a job fell to a decade low of 7.1 percent. Even so, the federal report is the latest sign of concern about the health of the U.S. economy as […]

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