Oklahoma gross receipts at record high but expected to fall | Kiowa County Press

(The Heart Sq.) – Declining fuel costs are excellent news for customers however not so good for the state of Oklahoma. 

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

“Whereas decrease gas costs on the pump are offering wanted aid for customers, the slowdown in demand and drop in commodity costs will influence collections sooner or later,” McDaniel stated. 

The lowering oil costs weren’t the one concern within the November report. The month-to-month Oklahoma Enterprise Situations Index, produced by Creighton College, fell beneath 50 for the primary time since November 2020, in accordance with a report from the Treasury Division. The index was at 51.3 in October and dropped to 39.8 in October. This might point out an “financial contraction throughout the subsequent three to 6 months,” in accordance with the report. 

The financial information for Oklahoma was not solely dismal. Gross sales and use tax collections outpace inflation, rising 10.5 p.c in November when in comparison with final 12 months. 

Gross earnings tax collections had been up 9.5 p.c to simply over $369 million. Particular person earnings tax collections had been up 11 p.c, however company collections decreased by 13.6 p.c. 

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

Oklahoma’s unemployment fee rose in October from 3.2 p.c in September to three.4 p.c in October, which remains to be beneath the nationwide common of three.7 p.c. Oklahoma’s unemployment fee year-over-year jumped from 2.9 p.c in October 2021 to three.4 p.c in October 2022, however a brand new inflow of job seekers is probably going an element for the spike, state labor officers stated.

November’s numbers are additionally anticipated to be larger than 2021 numbers, in accordance with Trae Rahill, govt director for the Oklahoma Employment Safety Fee.