The current economic downturn has now lasted longer than the Great Recession in Oklahoma.
State treasurer Ken Miller said the downturn in gross receipts has now lasted for 17 months, based on July figures released Friday. The gross receipts shrinkage after the financial crisis eight years ago lasted from December 2008 to February 2010.
Miller said despite the length, this downturn hasn’t been as steep as the last one, which has kept unemployment rate down. Oklahoma’s jobless rate hit 7.1 percent in 2010, but was at 4.8 percent in June – just one-tenth of a percent below the national average.
Miller: "The news is not all dire ... To date, this downturn has not been as steep as before and unemployment rates have not risen as high.”
— Oklahoma Watch (@OklahomaWatch) August 5, 2016
Oklahoma’s July gross collections to the Treasury were down 9.4 percent over July 2015. All major revenue streams were down, and collections over the past 12 months are down 7.6 percent.
Read The Entire State Treasurer's Report
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