The economy in Oklahoma and 8 other Midwest and Plains states is growing at a strong pace according to the June monthly survey by Creighton University of business leaders and managers.
For the twelfth straight month, the Creighton University
Mid-America Business Conditions Index, a leading economic
indicator for the nine-state region stretching from Minnesota to
Arkansas, moved into vigorous growth territory.
Overall Index: After rocketing to a record high 73.9 in
April, the Business Conditions Index, which ranges between
0 and 100, slipped to still strong 72.3 for May. However,
manufacturing supply managers report that labor shortages
and supply bottlenecks continue to restrain growth.
“The region is adding manufacturing business activity at a very healthy pace, and that growth will remain strong with the overall regional economy returning to pre-pandemic levels in the first quarter of 2022,” said Creighton University economist Ernie Goss, who oversees the survey.
Nearly all the business leaders surveyed reported problems with supply bottlenecks in June, and inflation continues to be a concern. The report’s inflation gauge climbed to 98.4 and set another record in June, up from May’s already high 96.3.
Businesses continued hiring in June and the employment index grew to 61.7 from May’s 55.6 even though many managers said they were having a hard time finding workers to hire. Goss said the shortage of workers pushed wages for manufacturing jobs up 4.9% over the past year in the region.
OKLAHOMA
Oklahoma’s Business Conditions Index expanded above growth
neutral in May. The overall index fell to 68.9 from 70.9 in April.
Components of the overall May index were: new orders at 72.8,
production or sales at 65.8, delivery lead time at 87.2, inventories at
64.7, and employment at 54.2. According to U.S. Bureau of Labor
Statistics, Oklahoma’s average hourly wages for manufacturing
production workers climbed by a very strong 12.5% with gains
somewhat larger for non-durable goods producers than durable
goods manufacturers.
Click here for survey report.
