Revenue Report has Good and Bad News
Laramie, WY – Wyoming consumers seem to be spending as usual, but businesses in the state are reining in costs. That's according to the state's January revenue report. Senior economist Jim Robinson says consumer spending and sales taxes are holding up well. But he says use taxes have fallen almost 11 percent since last year. He says that points to what Wyoming businesses are doing. "They're anticipating that consumers will be changing their behavior in the next few months, so what they are doing is kind of shedding down some of their expenditures right now in anticipation," Robinson says.
The report also showed higher-than-expected severance tax revenues for January. But Robinson says natural gases prices continue to be low. He says that will hold down the state's mineral revenue... possibly into this fall.