OMAHA, Neb. — Oklahoma’s overall economic index moved above growth neutral 50.0, hitting 54.9 in June, compared with 48.9 in May, according to the Creighton Economic Forecasting Group.
Index components were new orders at 53.0, production or sales at 52.8, delivery lead time at 55.1, inventories at 55.3 and employment at 58.4.
“Except for June, recent surveys indicate that both durable- and nondurable-goods producers in the state experienced business pullbacks in economic activity,” said Creighton University economics professor Ernie Goss.
U.S. Bureau of Labor Statistics data shows that hourly wages in Oklahoma have risen 6.7% over the past 12 months, more than twice the national gain of 3.1%.
The Institute for Supply Management, formerly the Purchasing Management Association, began formally surveying its membership in 1931 to gauge business conditions.
The Creighton Economic Forecasting Group uses the same methodology as the national survey to consult supply managers and business leaders. Goss oversees the report.
The overall index ranges between 0 and 100. Growth neutral is 50, and a figure greater than 50 indicates growth in that factor over the next three to six months.
The survey covers Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota.
The economy in those states was hampered in part by tariffs and flooding last month, but it should continue to grow over the next three to six months, according to the report.
The Mid-America Business Conditions Index rose to 55.4 in June, from 54.3 in May, the report said. The April figure was 55.9.
“Weak farm income, produced partially by tariffs and flooding, pulled regional growth below that of the nation,” Goss said. “Even so, based on our manufacturing survey over the past several months, I expect overall growth to remain solidly positive.”