An index of Wyoming business conditions compiled at Creighton University in Omaha declined slightly in October.

The index, which is based on a survey of state supply managers, dropped from 64.0 in September to 63.3 in October. In August, the index stood at 76.2.

An index number higher than 50 indicates economic expansion in the months ahead.

Individual components of the state index were new orders at 67.2, production at 63.7, delivery lead time at 61.0, inventories at 59.1 and employment at 60.6.

"Despite healthy growth, Wyoming's unemployment rate has increased by 0.5 percent since January of this year," economics professor Ernie Goss said in a press release. "I expect no change in the state's jobless rate for the rest of the year. Oil prices approaching $100 per barrel will be very positive for the state's large mining and natural resources industry. Due to past growth in this industry, transportation firms in the state have experienced healthy job and revenue growth for 2007. This trend should continue well into 2008."

In the Mountain States region overall -- which consists of Wyoming, Colorado and Utah -- the business conditions index slipped from 64.8 in September to 63.3 in October. In August, the index was at 77.7.

Goss said industries associated with natural resources and mining continue to experience healthy growth.

"Nonetheless, growth is likely to cool to a still healthy pace in the months ahead," he said.

Inflation pressures continue, pushed by rising oil prices. The regional prices-paid index, which tracks the cost of raw materials and supplies, dipped to a still elevated 79.4 from September's 80.0.

Looking ahead six month, the economic optimism of supply managers as reflected by the confidence index declined to 50, down from 60 in September.

"We are beginning to see the problems with the national economy bleed into the Mountain States, affecting the business outlook," said Goss.

Business Editor Tom Mast can be reached at tom.mast@casperstartribune.net.