Indicators Mix of Improvement, Decline

Article excerpt

By Lou Anne Wolfe

Journal Record Staff Reporter

While some aspects of Oklahoma's economy improved, others continue to be soft compared with one year ago, according to the August report of Current Economic Indicators released Monday by the Oklahoma Department of Commerce.

"A number of important sectors of our economy showed improvement over last year's numbers, while others remained static or on the down side," said Greg Main, Oklahoma secretary of commerce.

"Bank deposits and loans, announced investments, personal income, commercial and residential construction, and unemployment areas all remain positive," he said.

"On the other hand, retail trade, industrial construction and sales tax revenues lag behind the levels of last year for the same period. Therefore, it appears that while the basis for a recovering economy is there, we are still not in a real period of sustained growth."

Highlights of the report were: The 822 new business incorporations in July constituted the highest total since January, and were 15.9 percent higher than the 703 incorporations in July 1991. The figure was up 0.9 percent from 815 incorporations in June.

Bankruptcies totaled 9,949 for the first eight months of 1992, down 2.8 percent from 10,239 for the same period of 1991.

Wage and salary employment of 1.46 million in July hit its highest total since August 1990, and was up 2.3 percent from 1.42 million in July 1991. The figure was up 1.7 percent from 1.43 million in June.

Announced investments of new and expanded manufacturers totaled $65.5 million in August, up 44.6 percent from $45.3 million in August 1991. The figure compared with July announcements totaling $2.3 million.

Retail trade totaled $6.19 million for the first six months of 1992, down 14.6 percent from $7.25 million for the same period of 1991. Bank deposits totaled $25.05 billion for the second quarter ended June 30, up 6 percent from $23.6 billion for the same quarter of 1991. The figure was down less than 1 percent from $25.19 billion in the first quarter.

Savings and loan assets totaled $5.2 billion for the first quarter, down 28 percent from $7.26 billion for the first quarter of 1991, and down 2.7 percent from $5.37 billion in the fourth quarter of 1991. …