Oklahoma gross receipts at record high but expected to fall | National News

(The Center Square) – Declining fuel costs are good news for shoppers but not so good for the state of Oklahoma. 

November’s gross receipt collections had been at a record high for the sixth-consecutive month, up greater than $17 billion from November 2021, State Treasurer Randy McDaniel mentioned Friday. But oil and fuel tax collections dropped under $160 million. That’s the primary time it is occurred since April, in accordance to McDaniel’s report. 

“While lower fuel prices at the pump are providing needed relief for consumers, the slowdown in demand and drop in commodity prices will impact collections in the future,” McDaniel mentioned. 

The reducing oil costs weren’t the one concern within the November report. The month-to-month Oklahoma Business Conditions Index, produced by Creighton University, fell under 50 for the primary time since November 2020, in accordance to a report from the Treasury Department. The index was at 51.3 in October and dropped to 39.8 in October. This might point out an “economic contraction during the next three to six months,” in accordance to the report. 

The financial news for Oklahoma was not completely dismal. Sales and use tax collections outpace inflation, rising 10.5% in November when put next to final yr. 

Gross revenue tax collections had been up 9.5% to simply over $369 million. Individual revenue tax collections had been up 11%, but company collections decreased by 13.6%. 

Gross income can be up 16.8% to $17.36 billion during the last 12 months, in accordance to the report. 

Oklahoma’s unemployment charge rose in October from 3.2% in September to 3.4% in October, which continues to be under the nationwide common of three.7%. Oklahoma’s unemployment charge year-over-year jumped from 2.9% in October 2021 to 3.4% in October 2022, but a brand new inflow of job seekers is probably going an element for the spike, state labor officers instructed The Center Square. 

November’s numbers are additionally expected to be larger than 2021 numbers, in accordance to Trae Rahill, government director for the Oklahoma Employment Security Commission.