Word: oklahomas
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...Oklahoma has a 7.8% unemployment rate, and last month's annual state fair in the town of Ada attracted a record 9,800 job seekers, more than double last year's turnout. Phillips Petroleum, based in Bartlesville, Okla., last week said that it will soon lay off between 2,000 and 2,500 employees, up to 9.4% of its total work force. Says Kerry Malone, editor of an Oklahoma oil-industry publication: "No one is jumping out of windows yet, but they're looking at the ledges...
...holding companies, energy credits make up about 11% of total loans. As a result, more and more banks are bolstering their reserves against possible future losses. Last week MCorp, the second- largest bank in Texas, announced that it was increasing its loan-loss reserve by about $215 million. First Oklahoma said that it would set aside $27 million...
...regions that produce petroleum. In Saudi Arabia, an Egyptian worker is likely to lose his high- paying job and return home to poverty. A Mexico City family may no longer be able to afford meat and vegetables because government food subsidies have been slashed. A well-drilling entrepreneur in Oklahoma could face bankruptcy and the loss of his business to creditors. A bank loan officer in California may be forced into a different career because the oil-lending business has declined...
...sore spot as well. The oil-patch states of Texas, Oklahoma and Louisiana have been so severely affected that their troubles could spoil the rest of the country's party, at least in the short run. Bankruptcies and layoffs plague the oil business and nearly every industry connected with it. Though the Labor Department announced last week that U.S. unemployment dipped to 7.2% in March, down a notch from 7.3% in February, the jobless rate has stayed unexpectedly high at least partly because of the oil- patch slump. Unemployment in Louisiana has reached...
...anticipated U.S. growth spurt may be delayed for several months while / the economy absorbs the oil-patch troubles. The beleaguered economies of Texas, Louisiana and Oklahoma, which account for 10% of total U.S. goods and services, are large enough to create a drag on the rest of the country. Major American oil companies have made billions of dollars in budget cutbacks, and that will at least temporarily offset the increased spending by other firms preparing for the good times ahead...