Arkansans feel more pessimistic about their current and expected financial situation, but feel more optimistic about buying major household items, according to the latest consumer sentiment survey from Arvest Bank.
The survey was conducted in October in a three-state region — Arkansas, Oklahoma and Missouri — by the Center for Business & Economic Research in the Sam M. Walton College of Business at the University of Arkansas through 1,200 phone surveys completed by the Oklahoma Public Opinion Learning Laboratory.
It’s the second such survey, following the inaugural in June.
More: View the entire survey results here.
Arkansans were the most pessimistic in the region in terms of finances. When asked about their current financial situation, Arkansans had the lowest index score at 86, which was down from 87 in June. Meanwhile, Missouri and Oklahoma made significant gains to index scores of 93 and 101, respectively.
When asked about their future financial situation, Arkansans were once again the most pessimistic with an index score of 105, down from 109 in June. Missouri (110) jumped 18 points from June, while Oklahoma (115) was static.
Arkansas was also last in both the current conditions index (76.3) and consumer expectations index (62.9). Oklahoma (85.8) led the current conditions index, while Missouri (73.1) led the consumer expectations index.
Arkansans Optimistic About Business
While Arkansans felt worse about their economic situation, they felt better about future business conditions.
Respondents from Arkansas had an index rating of 70, up from 69 in June, when asked about business conditions in the next 12 months, and an index rating of 75, up from 73 in June, when asked about conditions in the next five years.
Arkansas trailed Missouri in both categories — at 86 and 97, respectively — but were ahead of Oklahoma — 69 and 73, respectively.
Arkansans Feel Better About Buying Conditions
While it remained last in the three-state region in terms of feelings on buying conditions, Arkansans had an improving outlook on making major household purchases.
The index rating in October was 110, compared to 105 in June. Still, it trailed Missouri (124) and Oklahoma (120), which both made gains from June as well.
Region More Optimistic on Finances
Arkansans were alone in their pessimism about their financial situation, as respondents in Oklahoma and Missouri, and the region as a whole, felt better about their current and future financial standing.
The region’s current financial index was up to 93 in October from 89 in June, and its expected financial index was up to 110 in October from 106 in June.
The region’s outlook on business conditions were mixed as respondents were less optimistic about conditions in the next 12 months and static about conditions in the next five years.
Meanwhile, the outlook on buying conditions was up to 118 in October from 113 in June.
This survey is completed twice a year. Arvest has already released consumers’ opinion of the economy and will, at a later date, release the consumer plans for saving and spending.
The next survey will be conducted in May.
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