Total revenue for August increased over last year by $24.2M or 1.9% while totals equal $1.27B. Receipts for the last 12 months through July total $16.95B, a decrease of $304.4M, or 1.8%, when comparing revenue from the previous month variance.
Gross Production Tax or “GPT” totals equal $83.9M, up $1.6M or 2% over the last August. All other tax sources show an increase for the same time period, total income tax increased 0.2%, total sales and use tax increased 1.4%, motor vehicle tax increased 5.7% and other sources increased 7%.
OK Unemployment — July reports a seasonally adjusted rate of 3.5%, up 0.1% from June.
US Unemployment — July reports an adjusted rate of 4.3%, increasing 0.2% from June.
Consumer Price Index — Increased 0.2% in July on a seasonally adjusted basis, after declining 0.1% in June.
- The index for shelter rose 0.4% in July, accounting for nearly 90% of the monthly increase in the all items index. The energy index was unchanged over the month, after declining for two months. The index for food increased 0.2% in July and June. The food away from home index rose 0.2% over the month, and the food at home index increased 0.1%.
- The all items index rose 2.9% for the 12 months ending July, the smallest 12-month increase since March 2021. The all items less food and energy index rose 3.2% over the same period, the smallest 12-month increase since April 2021. The energy index increased 1.1% for the 12 months ending July. The food index increased 2.2% over the last year.
The state’s Business Conditions Index for July saw an increase over last month.
Jan. 48.7 Feb. 46.9 Mar. 53.3 Apr. 54.7 May 48.4 Jun. 47.5 Jul. 49.3
According to the latest U.S. International Trade Administration data, Oklahoma’s manufacturing sector expanded 2024 year-to-date exports to $5.5 billion from $2.8 billion for the same period in 2023 for an 96.2% gain. Components of the overall July index were: new orders at 49.8; production or sales at 47.8; delivery lead time at 52.5; inventories at 45.1; and employment at 51.2.
About the Gross Receipts Report:
As a timely, broad view of the state’s economy the report releases in conjunction with the General Revenue Fund report.
Providing information to state agencies for budgetary planning purposes, the General Revenue Fund acts as the state’s main operating account and receives a portion of the state’s gross receipts as well as state, city and county funds.
Editor’s Note: This story was provided by the Oklahoma State Treasurer’s Office with minor edits for style.
