Ohio’s Leading Index Predicts Growth Over Next Six Months

This week, the Ohio Office of Budget and Management (OBM) released its monthly financial report. Findings include:

• The Leading Index for Ohio — which predicts growth over the next six months — increased to 1.3% in December, up slightly from 1.2% in November.
• In January, Ohio’s general revenue fund exceeded revenue estimates by $44.7 million (2.0%). Year-to-date tax revenues are $138 million (1.0%) above forecasts.
• Ohio’s manufacturing production increased 0.2% in December after a 1% increase the previous month.

OBM notes that the Purchasing Managers Index (PMI) increased to above the neutral level after five consecutive months of contraction, “suggesting the trend in manufacturing activity might be turning up.” 2/10/2020