ENERGY INDEX PREDICTS WEAKENING OF STATE ECONOMY
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The Oklahoma Energy Index fell sharply again in November. Led by contracting employment and rig activity, the index of economic activity in the state’s primary sector dropped -2.4% from the previous month and -15.0% from a year ago.
The decline could have been worse as employment and rig activity decreases were partially offset by higher monthly average spot prices for both oil and natural gas as well as modest gains in the Oklahoma Energy Portfolio component of the index. The current cycle is already 13 months into contraction with additional downside expected at least into the summer of 2020.
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