Gross Receipts for the last 12 months of $17.07 billion are $167 million, or 1 percent, below revenues from the previous year according to the Oklahoma State Treasurer.
Impacted by reduced oil and gas revenue, October marks the first time since March 2021 that receipts to the Treasury fell below the prior year’s 12-month revenue as expected.
Treasurer Todd Russ’ office stated that revenue from the state’s Gross Production Tax dropped more than $484 million over last 12 months, down by more than 25 percent for the year.
Revenues from all sources in October total $1.4 billion. As anticipated based on recent monthly trends, the October total receipts are down by $73.8 million, or 5 percent.
In addition, the previous month comparison shows a decline from September to October of $72 million, or 4.9 percent.
The Oklahoma Business Conditions Index in October still remained above growth neutral for the second consecutive month. The October index was set at 53.0, compared to 53.7 in September. Numbers above 50 indicate economic expansion is expected during the next three to six months.
According to the U.S. Bureau of Labor Statistics, the September unemployment rate in Oklahoma was reported as 3.0 percent. The state’s jobless rate ticked up 0.2 percent from 2.8 percent in August. Meanwhile, the U.S. unemployment rate remained at 3.8 percent in September, unchanged from the previous month.
As measured by the Consumer Price Index, the U.S. Bureau of Labor Statistics reports the annual inflation rate remained at 3.7 percent in September. The energy component of the index still showed a decline over the year, dropping 0.5 percent, and the food index stayed at the same level as the overall inflation rate, ending the month at 3.7 percent.