November tax revenues for the State of Oklahoma are up.

 

According to the Oklahoma State Treasurer's Office, the increase in total revenue of $17 billion over the past 12 months showed a 1.3% increase from lat year. State Treasurer Todd Russ stated that the recent report showed a nearly 8% increase in sales and use tax receipts, indicating string consumer confidence heading into the holiday retail season.

 

All other tax sources fell in November, including the largest drop of 56.2% in the gross production tax on oil and gas. Unemployment in Oklahoma held steady at 3.1%, well below the national average of 4.3%.

 

Russ added that with federal economic data for November delayed due to the government shutdown and the Fed's recent rate cut, the state will continue to keep a close eye on national trends.