ND's Record-Setting Oil Production Fuels Economic Boom with Record Employment, 3.6% Jobless Rate
Following an ongoing pattern that I have reported previously, North Dakota set more new records in July for monthly oil production (see top chart above, data here) and employment (see bottom chart above, data here).
There was a new record high of 321,042 barrels per day produced in July, which was a 1.83% increase from the previous record in June, and a 41% increase from July 2009. From 156,420 barrels per day level in May 2008, daily oil production in North Dakota has now doubled to more than 321,000 barrels.
As a direct result of the ongoing North Dakota oil boom, the state's economy is booming as well, with the lowest state jobless rate in the country of 3.6% in July, and recent jobs gains that completely offset all of the jobs lost during the recession, bringing North Dakota's employment to a record high in July of 373,500 (see bottom chart above). July marks the fifth straight month of job growth in North Dakota, which totals to a cumulative gain of 7,700 jobs since February.