State Of Oklahoma Still In Economic Downturn, According To State Treasurer

Falling oil and natural gas prices are bringing down overall collections to the state treasury according to Oklahoma's State Treasurer.

Gross receipts to the treasury were down about $47 million in October, a loss of about 4% since October of 2019.

The information is coming from State Treasurer Randy McDaniel, who gave his report on Thursday. McDaniel reported that individual tax collections dropped more than 7%, a number that illustrates that the state is still in an economic downturn. Overall gross receipts for the last 12 months totaled just more that $13 billion, down about $500 million compared to collection from the last 12 months.

Secretary McDaniel also reported that the production tax on oil and natural gas have both been down each month for more than a year.

Some good did come from the report, McDaniel said Oklahoma's unemployment rate was 5.3% in September, down from 5.7% in August.