In recession, state faring well

Published: Wednesday, June 17, 2009 7:00 am By: Debbie Blossom
the Michigan and Ohio metro areas at the hub of the auto industry now foundering from job losses that began two to three years earlier than in the rest of the country.

Metro areas in the Northeast, focused more on aerospace and photonics, experienced fewer lost jobs and actual house price increases, the study said.

Brookings' research confirms other economic data that show the state's energy and agriculture sectors kept Oklahoma from sliding into the recessionary sinkhole, said Oklahoma City University economist Steve Agee, who also is chairman of the board of the Federal Reserve Bank of Kansas City's Oklahoma City Branch.

"The blessing we had was that we entered this recession later, and that we'll come out of this at the same time as everyone else," thanks in part to the monetary and fiscal stimulus packages," Agee said. "The recession will be shorter for us."

For Oklahoma City and Tulsa, "the report is all good, but it's all relative, too," Agee said. Oklahoma's employment rate depends on the energy sector, and the prices for natural gas and oil, he said.

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