Oklahoma Economic Report confirms state recession

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The latest Oklahoma Economic Report outlined Oklahoma’s bleak fiscal situation.

It confirms Oklahoma entered into recession over a year ago.

A recession is commonly defined as two consecutive quarters of negative growth. Oklahoma has had three.

The state jobless rate also rose to the national average of 4.7 percent for the first time since 2003.

General Revenue Fund (GRF) trails estimates by 9.1 percent, or 471.1 million dollars.

Allocations to the GRF from taxes on the production of natural gas and crude oil are behind the estimated amount by 67.8 percent, or 185.9 million dollars.

Gross receipts to the Treasury reached a six year low.

The treasurer also warned against the Legislature taking control of the Oklahoma Tobacco Settlement (TSET).

You can read the full report here.

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