Arkansans Economic Sentiment Increases Dramatically

Arkansans’ opinion regarding the economy has risen significantly since October, according to the Spring 2015 Arvest Consumer Sentiment Survey released today.

The current consumer sentiment index for Arkansas is 79.1, up from 68.1 in October and 67.4 in June 2014’s inaugural survey. The survey also includes consumers in Oklahoma and Missouri, including Greater Kansas City.

In Arkansas, the largest gains among consumers surveyed in March came from three specific areas. Among respondents with no children the index jumped from 59.7 in October to 92.9 in March. Among 18- to 24-year-olds, the index jumped from 92.4 in October to 113.0. Another notable increase — from 66.5 to 90.8 — came from Arkansans who are unemployed.

“Arkansas consumer sentiment jumped up dramatically from October 2014 to March 2015,” said Kathy Deck, director of the Center for Business and Economic Research, Sam M. Walton School of Business at the University of Arkansas at Fayetteville and the lead economist for the survey. “The state’s improving employment and income situation, along with lower gasoline prices at the pump, gave consumers a boost in both perceived current conditions and near-term expectations.”

Arvest data has reflected Deck’s assertion, showing less total dollar spend in the fuel category, while deposits in consumers’ checking and savings accounts generally have risen.

The current regional index is 83.2, up from October’s index of 72.6. That number is more closely aligned with the national index, as reported by Thomson Reuters and the University of Michigan, than previous regional indexes. The national index was 85.3 for March, down from 86.9 in October.

Of the three states surveyed, Oklahoma showed the biggest change, with its index jumping from 72.6 to 84.8. Missouri increased from 77.4 to 85.2, the highest index in the region.

The Arvest Consumer Sentiment Survey is conducted by the Center for Business and Economic Research (CBER) in the Sam M. Walton College of Business at the University of Arkansas. The University of Oklahoma’s Public Opinion Learning Laboratory conducted the 1,200 random phone surveys. CBER, Missouri State University and Oklahoma City University provided state data analysis.

The survey is conducted twice a year, with the next survey expected to conclude in October 2015. With each study, the index score will be released first, followed by additional information regarding specifics of consumer outlook for the near future and plans for savings and spending.

Information about the survey, copies of this release, summary documents and print-ready logos can be found at www.arvestconsumersurvey.com.