Oklahoma's Purchasing Index Plummets
OMAHA, Neb. (AP) -- Oklahoma purchasing managers broke ranks with their regional brethren, sending the state purchasing index plunging in April.
The survey by Creighton University economics professor Ernie Goss reported a Sooner State reading of 41.4 for April, down from March's 51.8.
That compared to the nine-state Mid-America Business Conditions survey index of 61.5 last month, only slightly lower than March's 61.6.
However, "the April decline was restricted primarily to the state's nondurable goods manufacturing sector," he said of Oklahoma, "as April new orders and production declined."
The regional economy continues its strong expansion as five Federal Reserve rate hikes have done little to lower the regional inflation index. The prices paid index, which marks inflation, remained high at 81.3 in April, compared with March's 82.4.
Oklahoma participants indicated higher interest rates had little impact on slowing the prices they have to pay for raw materials and supplies. The April prices-paid index rose to 83.3 from March 77.5, which was already high, Goss said.
The professor conducts the monthly survey of industrial purchasing managers in Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota. …