ENERGY INDEX SHOWS INDUSTRY CONTRACTED IN OCTOBER
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The Oklahoma Energy Index moved back into contraction in October with a -3.7% decline in industry activity while revisions to the data revised down the September reading from 0.5% to 0.2%. The state’s defining industry is in the midst of a significant contraction (bust?) with the full effects expected to spill over into general economic activity as we move into 2020.
Dr. Russell Evans, executive director of the Steven C. Agee Economic Research and Policy Institute, noted that all six variables in the index moved lower in October led by sharp falls in oil and natural gas spot prices, rig counts, and equity valuations.
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