Oklahoma City

Regional economic outlook slips; confidence still tepid – Oklahoma City, Oklahoma

Oklahoma City, Oklahoma 2021-12-01 18:01:55 –

Oklahoma’s index score, which reflects the strength of the economy, dropped from a 63.0 score recorded in October to 62.4 in November. However, according to Creighton University’s Mid-America Business Condition Report, index scores above 50 suggest expectations for growth over the next six months.
(Photo by Thisis Engineering RA Eng of Unsplash)

A recent survey of business leaders in Oklahoma and eight other Midwestern and plain states revealed overall confidence in the region’s economy and prospects for improvement in the coming months.

However, about half of the supply managers surveyed expect supply chain disruptions to worsen or remain a key issue for at least the next six months.

The latest version of Creighton University’s Mid-America Business Condition Report showed that the region-wide index score for November dropped from a score of 65.2 in October to 60.2. Index scores above 50 suggest growth, and scores below 50 suggest that trouble or even recession may be ahead.

Supply managers and other company executives surveyed reported continued concerns that truck, aviation, and rail shipment delays could lead to supply production delays and other business disruptions. According to Arnie Goss, Clayton’s economist who oversees the monthly survey, managers have identified labor shortages as a serious concern.

According to Goss, some managers have overordered supplies in response to concerns about delays in delivery. According to Goss, some have moved from “just-in-time” distribution to “buy a bunch with a premonition.”

Looking six months ahead, the survey’s corporate confidence index rose from 37.0 in October to 46.2.

The monthly survey covers Oklahoma, Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota.

In Oklahoma, the overall index dropped from the 63.0 index score recorded in October to 62.4. Individual components included: New order at 58.0. Production or sale at 55.7. Delivery lead time at 58.8. 62.9 inventories; and employment at 76.9.

According to the US Bureau of Labor Statistics, Oklahoma’s seasonally adjusted manufacturing employment has fallen by 9,400, or 6.8%, compared to pre-pandemic levels.

The increase in employment of state durable consumer goods producers, including food processors, was well offset by the losses of state durable consumer goods manufacturers, including metal manufacturers.



Regional economic outlook slips; confidence still tepid Source link Regional economic outlook slips; confidence still tepid

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