As we showed in the March edition of Numbers You Need, the number of laid-off Oklahomans receiving unemployment benefits is skyrocketing. An average of 4,881 workers filed first-time claims in January, an increase of 149 percent compared to September 2008. Continuing UI claims have increased by 80 percent over the same period, as the state’s unemployment rate jumped from 3.8 percent to 5.0 percent.

With more laid-off workers receiving UI benefits, the balance in the state’s  UI Trust Fund is starting to tumble. As you can see from the chart below, the UITF balance reached a peak in August 2008 and has been falling steadily since. Its current balance, $763 million, is a full $100 million less than in August. Read the rest of this entry »

Numbers You Need is a monthly publication from OK Policy that presents key data on the state’s economy, work force, human services, and budget in one concise easy-to-read fact sheet.

March’s edition of Numbers You Need provides further evidence of the deteriorating economic situation in Oklahoma. The state’s seasonally-adjusted unemployment rate hit 5.0 percent in January, up from 4.6 percent in December. Building permits issued in the final quarter of 2008 were down 44 percent compared to 2007, with the three month total representing the lowest level of activity since at least 1995. Meanwhile, state revenue collections in February fell steeply for the second straight month, coming in 21.6 percent below last year’s amount and 30.4 percent below the certified estimate.
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