State's index boosted by oil
The Institute for Supply Management, formerly the Purchasing Management Association, began formally surveying its membership in 1931 to gauge business conditions. The overall index ranges between 0 and 100. Growth neutral is 50, and a figure greater than 50 indicates growth.
Boosted by higher oil prices, Oklahoma's overall index has remained above growth neutral for the past seven months and rose to 60.5 in February from 57.8 in January. Components of the overall index were new orders at 62.7, production or sales at 64.8, delivery lead time at 57.6, inventories at 57.2 and employment at 60.2. "Average hourly earnings for Oklahoma private sector workers expanded by a solid 3.3 percent over the past 12 months," Goss said.