OKLAHOMA CITY — Oklahoma set new data for gross collections for the sixth consecutive month, however an financial watchdog warned the danger of a recession is rising in Oklahoma.
A December analysis from Creighton University’s Mid-America Survey discovered that Oklahoma’s Business Condition Index “plummeted” from 51.3 to 39.8 final month. That drop factors to “rising potential for a recession,” the group mentioned. The index seems at issues like new orders, manufacturing or gross sales, supply lead instances, inventories and employment.
“For the first time since the end of the 2020 recession in May 2020, Creighton’s monthly survey of manufacturing supply managers is flashing recession warnings for the first half of 2023,” Ernie Goss, director of Creighton University’s Economic Forecasting Group, mentioned in an announcement.
The survey discovered that producers within the nine-state area are including jobs “at only a modest pace,” and it discovered two straight months of job losses. Goss mentioned about 65% of corporations reported shortages of job candidates.
He mentioned Oklahoma, Iowa, Kansas, Minnesota and North Dakota have adjusted employment ranges beneath pre-pandemic ranges, whereas Missouri, Arkansas, Nebraska and South Dakota’s employment ranges had been above pre-pandemic ranges.
State Treasurer Randy McDaniel on Friday additionally warned the state may expertise “economic contraction” over the next three to 6 months. He mentioned the Oklahoma Business Conditions Index “fell significantly” based mostly on Creighton University’s analysis.
He additionally warned that falling power costs may impression future collections, and mentioned month-to-month collections on oil and gasoline manufacturing in November dropped beneath $160 million for the primary time since April.
But for now, Oklahoma’s 12-month gross receipts are up $2.44 billion — or 16.3% — from the prior 12 months, McDaniel mentioned in a press launch. The state’s 12-month gross receipts totaled $17.36 billion.
“The overall results continue to be strong,” McDaniel mentioned. “While lower fuel prices at the pump are providing needed relief for consumers, the slowdown in demand and drop in commodity prices will impact collections in the future.”
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