Oklahoma State Revenue Up but So Is Unemployment Rate

The good news is that state revenue in Oklahoma is improving. The bad news is that the state’s unemployment rate is increasing.

The state Board of Equalization has certified revenue that will be available to pay for state services during the fiscal year that begins July 1. That certification is more than $308 million more than revenue estimates the board approved in February.

Meanwhile new figures show more Oklahomans were out of work in May than in April or during the same period in 2009. According to the Oklahoma Employment Security Commission, Oklahoma’s unemployment rate was 6.7 percent, a slight increase over the 6.6 percent rate reported in April. The agency says the rate represented 119,430 people.

The number of unemployed persons increased by 4,500, or about 3.9 percent, in May over the same month in 2009. The May 2009 jobless rate was 6.5 percent.

Officials say the manufacturing sector showed the highest number of job losses, shedding 8,200 jobs for the month. The government sector added the most jobs, 4,300.

The national unemployment rate for May was 9.7 percent.

Gov. Brad Henry says the higher revenue projection indicates the state’s economy is improving. He says officials are cautiously optimistic that the trend will continue.

The revenue projections show increases in gross production taxes on oil and natural gas and state income, sales and motor vehicle taxes.

Board members include Henry and other statewide elected and appointed officials.

Topics Trends Profit Loss Pricing Trends Oklahoma