theadanews.com - Ada, Oklahoma

State News

June 3, 2014

OK economy ticks upward in May

Oklahoma City — 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. Creighton University economics professor Ernie Goss oversees the report.

The overall index ranges between 0 and 100. Growth neutral is 50, and a figure greater than 50 indicates an expanding economy over the next three to six months.

Here are the Oklahoma results for May:

The state's overall index rose to 58.3 in May, compared with 54.8 in April. Components of the index were new orders at 67.4, production or sales at 64.8, delivery lead time at 50.6, inventories at 51.6 and employment at 56.9. 

"Despite healthy gains for manufacturers in the state over the past year, Oklahoma's manufacturing sector has approximately 8.3 percent fewer manufacturing workers today than before the national recession began," Goss said, and its manufacturing wage rate has risen 4.6 percent from a year ago. 

"Our surveys over the past several months point to solid improvements for manufacturing and the overall state economy for the next three to six months, with solid wage gains," Goss said.

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