Oklahoma Business Conditions Index drops for November
BY LAURIE WINSLOW World Staff Writer
Monday, December 03, 2012
A leading economic gauge for Oklahoma dropped in November, but still points to growth in the near future, according to information released Monday by Creighton University in Omaha, Neb.
The state’s Business Conditions Index fell to 56.1 from 63.3 in October, but was the second-strongest reading in the nine-state Mid-America region. It was preceded only by North Dakota, which posted a regional high at 58.1.
The index, taken from a survey of businesses, is derived from new orders, production or sales, employment, inventories and delivery lead time. A number greater than 50 signals expansion in the next three to six months, and a number less than 50 points to economic contraction.
“Growth stemming from a very strong energy sector continues to push state economic growth higher. In addition, both durable and nondurable goods producers continue to expand at a solid pace. For example, metal manufacturing and machinery production are growing at a healthy rate in the state," said Ernie Goss, director of Creighton’s Economic Forecasting Group.
The Mid-America region’s overall index of 48.0 rose from October’s 46.5 but remained below growth neutral for the fourth time in five months, according to the report.