January 2, 2019
Crude oil prices dropped during the latter part of 2018. That price drop, however, doesn’t seem to be impacting the Odessa Economic Index, which continued expanding in October 2018.
According to economist Karr Ingham, the OEI stood at 251.7 in October, an increase from the 249.5 from September 2018 and a 17% increase from the October 2017 OEI of 215.1. Ingham also noted that, since the index’s trough in October 2016, the metric has expanded by more than 33%.
“With the exception of payroll employment, every single component of the Odessa Economic Index for the month of October and the year-to-date through October is improved by at least double-digit percentage points compared to year-ago levels,” Ingham wrote for the Odessa Development Corp. report. He added that, even with the fall in oil prices, the end of the current growth cycle isn’t yet in sight.
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