Newspaper article THE JOURNAL RECORD

Indicators Show Growth Slow for State's Economy

Newspaper article THE JOURNAL RECORD

Indicators Show Growth Slow for State's Economy

Article excerpt

Like the nation, Oklahoma's economy is growing slowly with few positive gains among individual sectors, the Oklahoma Department of Commerce said Monday as it released its October Current Economic Indicators report.

"Retail trade sales continued to show positive gains compared to the previous year, and even after adjusting for the recent tax increase, sales tax collections in the state have posted substantial gains so far this year when compared to last year," said Donald Paulsen, secretary of commerce.

"Among other positive aspects, recurring general revenue collections and barge tonnage reflected substantial increases."

According to the October report:

- Business start-ups through the third quarter ended Sept. 30 totaled 6,156, up 7 percent from 5,751 for the same period of 1989. Total bankruptcies of 10,897 through September showed a 3.8 percent increase from 10,498 during the same nine months of 1989.

Retail trade of $6.87 billion through June was up 5.5 percent from $6.5 billion for the same six months of 1989.

August wage and salary employment of 1.48 million was about even with August 1989 and down 1.9 percent from 1.5 million in July.

- New mortgage loans closed by savings and loan associations in April totaled $20.8 million, down 42.4 percent from $36.1 million one year ago and down 10.7 percent from $23.3 million in March.

Bank deposits of $22.7 billion for the second quarter ended June 30 were up 1.1 percent from $22.5 billion in the year-ago quarter but down slightly from $22.9 billion in the first quarter.

Bank loans of $11.96 billion during the second quarter were down 1.9 percent from $12.19 billion for the year-ago quarter and down slightly from $11.98 billion in the first quarter.

Savings and loan assets of $9.37 billion in April showed a 13.1 percent drop from $10.78 billion one year ago.

- Sales tax collections of $75.9 million in August were up 14.7 percent from $66.2 million in August 1989. After adjusting for the half percent increase in the sales tax rate that became effective May 1, sales tax collections for the first nine months of 1990 actually rose 7. …

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