Newspaper article THE JOURNAL RECORD

Income, Employment to Rise for Oklahoma

Newspaper article THE JOURNAL RECORD

Income, Employment to Rise for Oklahoma

Article excerpt

Personal income in Oklahoma is expected to climb appreciably over the next two years, according to an economic forecast released Monday by First Interstate Bancorp of Los Angeles.

Non-farm employment also is expected to grow, but not at the same rate, according to the bank holding company which has First Interstate Bank NA of Oklahoma City.

In its latest forecast, First Interstate said Oklahoma's personal income will reach $50.4 billion in 1991, up 5.6 percent from the estimated $47.7 billion in 1990. In 1992, personal income is expected to grow 6.6 percent to $53.7 billion.

Non-farm employment is expected to reach 1.18 million in 1991, up 1.7 percent from the estimated 1.16 million in 1990. By 1992, that figure is expected to increase 2.6 percent to 1.2 million.

Those figures were contained in the quarterly report on what the corporation termed "First Interstate Territory," the 20 states in which First Interstate has affiliated and franchised banks.

Economic growth for all 20 states is expected to outstrip the nation as a whole through 1992, the forecast said. Employment in the 20 states will increase 1.7 percent in 1991 and 2.4 percent in 1992.

"Each of these rates would be 0.6 (percent) above the national averages," the report read. "The slump in the U.S. economy will affect territory states through the middle of 1991 because of the impact on durable-goods manufacturing, housing, metal prices and tourism."

Oil prices, which have escalated to above $40 per barrel on the heels of the Aug. 2 Iraqi invasion of Kuwait, are expected to settle around $20 per barrel in 1991 and $21 per barrel in 1992, according to the report.

However for the rest of 1990, higher energy prices will have a positive impact on the southern tier of states in the region - Oklahoma, Texas and Louisiana - the report said. …

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