Survey: Missourians’ economic sentiment dips

Missourians are growing more concerned about the state of the economy, according to Arvest Bank’s latest Consumer Sentiment Survey.

Conducted by the Center for Business and Economic Research at the University of Arkansas Sam W. Walton College of Business, the study analyzes the results of over 1,200 random phone and online surveys performed by the University of Oklahoma’s public opinion learning laboratory. The study examines a regional outlook, as well as that of residents in Missouri, Oklahoma and Arkansas, and is conducted twice a year.  The survey asks respondents to evaluate their current and future finances, business conditions, major household purchase plans, consumer debt, savings and demographics.

The survey, released today, indicates Missouri’s consumer sentiment index dropped to 83.9 in March from 85.8 in September. The regional average in March was 83.4, up from 82.6 in the last survey, according to a news release.

The reports marks the first decrease in three consecutive reports among Missourians. However, the state’s score was 68.6 when the survey launched in 2014. The survey cited opinion changes among two income groups, those making more and less than $75,000 a year.

“When the survey was first completed, there was a large gap in consumer confidence between the two groups - over 20 points,” said Missouri State University Bureau of Economic Research Director David Mitchell, who was retained by Arvest to analyze the survey results, in the release. “This gap has closed to only 0.7 points. In short, consumer sentiment between these two groups is converging rapidly.  

“It would seem that lower-income households are continuing to respond positively to external economic stimuli such as lower gas prices while higher-income households are beginning to feel more cautious, or at least curbing their enthusiasm for the current state of the economy.”