The state treasurer's office says the latest gross domestic product report shows a year-long recession in Oklahoma. The state GDP report by the Bureau of Economic Analysis indicates Oklahoma's economy has contracted for four straight quarters going back to the spring of 2015.
“Oklahoma ranked 39th among the state for economic change during the first three months of the calendar year, with GPD down 0.5 percent,” the report says. “It is one of 13 states that experienced negative economic growth during the quarter.”
Mining, durable goods manufacturing, transportation, and wholesale trade all contracted by less than a percent during the second quarter. Agriculture grew by 0.83 percent during that time frame.
State Treasurer Ken Miller's monthly Oklahoma Economic Report out this morning also says Oklahoma's unemployment rate for June is still below the national average, but rose by one-tenth of a percentage point since May.
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