Oklahoma Revenues Rise 7.3%

"Oklahoma’s economy is showing signs of ongoing expansion," said Treasurer Ken Miller.

DALLAS — As 2013 nears its end, Oklahoma's 7.3% increase in gross tax collections last month points toward steady growth in the state's economy, according to State Treasurer Ken Miller.

"The Oklahoma economy continues to expand heading into the Christmas shopping season," Miller said. "Relatively steady growth in gross collections has become the norm over the past few years, such that it has become somewhat expected. But as we have seen, that doesn't necessarily translate to the General Revenue Fund."

Miller said sales tax collections in November show ongoing consumer confidence with receipts up 2.6% from last November. Black Friday receipts are not yet reflected in collections as they will not be remitted until the middle of December.

Monthly collections from oil and gas production have exceeded the prior year for seven consecutive months.

Because the Thanksgiving holidays fell on the last two weekdays of the month, $6 million of personal income tax withholding payments remitted on Friday, Nov. 29, were not deposited until Monday, Dec. 2, and are, therefore, not counted in November collections, Miller said. Monthly income tax collections are down slightly as a result.

The Business Conditions Index for Oklahoma ticked upward in November to 49.3 from October's rate of 48.6. Researchers cited pullbacks in the energy sector and slowed construction during the month. Numbers above 50 mean growth is expected.

Oklahoma's seasonally-adjusted unemployment rate rose to 5.5% in October, according to the Oklahoma Employment Security Commission. The number of those employed fell by 1,210, while the number of unemployed rose by 2,760 and topped 100,000 for the first time since 2011.

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