Oklahoma’s economy continued to grow in July, although several indicators suggest economic conditions are gradually cooling, according to the latest Economic Outlook Report from Oklahoma Treasurer Todd Russ.
The report showed continued strength in the state’s energy sector, with the average price of West Texas Intermediate crude oil reaching $80.46 per barrel and the state’s average rig count increasing to 50. Gross Production Tax revenue declined compared with July 2025, but remained higher over the rolling 12-month period.
“July’s economic data shows Oklahoma continues to demonstrate resilience as economic conditions evolve,” Russ said. “Continued revenue growth, strong energy activity, improving manufacturing conditions and steady employment provide a solid foundation, while inflation remains an important factor to watch.”
Oklahoma manufacturing activity also continued to expand in July, although employment in the sector showed signs of weakness.
The state’s unemployment rate increased slightly to 4.2% in June. The report said employment continues to grow, but slower hiring and softer business activity indicate the labor market is cooling.
Inflation showed more moderate growth nationally, with the Consumer Price Index increasing 0.1% in July. Mortgage rates also moved higher during the month, adding to borrowing costs for prospective homebuyers.
Russ said strong energy activity, manufacturing growth and relatively low unemployment continue to provide a solid foundation for Oklahoma’s economy, while inflation, higher borrowing costs and labor market softness remain areas to watch.
