0.88 0.9 0.92 0.94 0.96 0.98 1 1.02 1.04 1.06 1.08
US Total Nonfarm W&S Employment OK Total Nonfarm W&S Employment
Figure 4. Oklahoma and US Seasonally Adjusted Total Nonfarm Wage and Salary Employment (2019Q1=1) (History through 2024Q2)
Summary Tables of Key Economic Indicators
The economic statistics in Tables 1 and 2 reflect the forecasts of a national slowdown and moderation of inflation by S&P Global and slowing economic growth in Oklahoma. Accompanying the growth slowdown and moderation of inflation is an expectation that the FED will lower the federal funds rate by 0.25 percentage points in December. This would bring the federal funds rate to a target range of 5-5.25 percent. Reflecting a slowing economy, US real GDP is forecast to grow below its long-run (potential) rate throughout 2024. Oklahoma's real GDP growth is forecast to remain lower throughout the year as well. Both US and Oklahoma nonfarm employment growth are forecast to further slow in the second half of the year. Accompanying the slowing of real GDP and employment growth, personal income growth in both the state and nation will moderate. Based on both the consumer price index (CPI) and the core personal consumption expenditure (PCE) deflator, inflation will continue to move towards the FED’s target of two percent.
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