2 months ago
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The Federal Reserve published a report showing that while nationwide, economic growth is slowing down, Arkansans have seen expansion in several sectors in the last two months.
For example, the housing market, which saw an increase in activity during May and June.
This week at work, Stacy Johnson, a realtor in Little Rock, has been running on a full schedule, but not quite how she wants it.
"I've been very busy but I've been busy with listings. I think most realtors will tell you we're listing a whole lot more houses right now than we have buyers in the market," said Johnson.
Johnson says that's a slight change from where the market was in June when she sold all the homes she had listed.
"That tax credit that we had, peopled were in a hurry to get the house quickly and get it closed so they can get their money and now people are taking their time," she said.
For the last two months, the Federal Reserve has gathered anecdotal stories like Johnson's. That information is what's now giving a snapshot of economic trends across the country.
"It tends to be more accurate than the economic data we usually receive," said Michael Pakko. Pakko is the state economic forecaster and a former Federal Reserve Bank employee.
"The general tone of the report was fairly upbeat, especially for the 8th district which includes Arkansas," said Pakko.
Factories across the region and state saw increased activity and farmers are projecting large yields. But industries like transportation, casinos and education services continue to suffer through the economy.
In the report, the auto industry, which was at a breaking point last year, now looks to be recovering in Arkansas.
"At the end of July, we may have had maybe 150 new cars, this year it's more like 250 new cars that we've sold," said Scott Young with Landers Toyota.
"This is kind of an ongoing recovery from the recession," said Pakko.
The economist says it's tough to predict short-term activity, but, if trends continue, Arkansans should be in for more good news when the next report comes out.
The Federal Reserve's Beige Book on the economy is published eight times a year. The next one will be out in September.
